Sold! Stately Casa Loma home goes for $660K over asking

Fewer homes might be attracting bidding wars for the time being in Toronto, but rare properties still sell way over asking. This deceptively large Casa Loma home fits that bill, coming in at more than $650K over the list price.

Whether this is the result of it being under-valued or merely the appetite of buyers for a big house in neighbourhood with low turnover is a question worth considering. Though it seems most likely that a combination of both was at play here.

In any case, this house does pose a few issues. While it's really big — there are five legitimate bedrooms — the decor is just dated enough that you can see a new owner itching to update it, especially when it comes to the master bedroom.

Still, the bones are very good here. This is a stately old Toronto home with multiple living areas, a big lot size and garage space. If you've got a stable of kids and want to live in midtown Toronto, it's pretty much ideal. Hence the sale price.

The Essentials

• Address: 75 Wells Hill Ave.
• Broker: Debra Feldman, Forest Hill Real Estate
• Hit the market at: $1,998,000
• Time on market: Four days
• Sold for: $2,658,000

Why it sold for what it did

This is one of those areas in which homes don't come to market that often. It has that lovely balance of seclusion and proximity to a main transit and retail corridor in St. Clar West. And it's just plain big. 

Was it worth it?

Yup. Regardless of the listing, the closing price still fits the stature of the home. This would have been an absolute steal at $2 million.

by Derek Flack via blogTO