Sold! Unique corner house doubles in price over 5 years

As the Toronto real estate market continues to show signs of cooling, let's remember to put the trend into perspective. While homeowners should no longer expect to witness wild bidding wars and sale prices fetching way over asking, property values have still skyrocketed in the last five years.

Take this house at 508 Delaware Avenue as an example of how much has changed since 2012, when it was last on the market. Back then it sold for $749,000, a price which reflected its unconventional layout and the marginal status of its neighbourhood.

In the time that's elapsed since then, Dovercourt Village has received countless accolades as an up and coming neighbourhood (many of them on this very site) and the interior of the home received an array of stylish upgrades from its former owners (one of whom is the co-founder of the Drake General Store).

It wasn't exactly in bad shape before the renovations, but now it qualifies as truly unique property with high-minded design touches to go with a sizeable backyard and a huge garage. That's worth $1.5 million these days.

The Essentials

• Address: 508 Delaware Ave.
• Bedrooms: 3 + 1
• Lot size: 18 x 123 feet
• Last known selling price: $749,000 (2012)
• Hit the market at: $1,599,000
• Time on market: 8 days
• Sold for: $1,550,000

Why it sold for what it did

Well, of course this place has appreciated a ton since it was last purchased. In fact, if Geary Ave. — the street that the house faces —wasn't still partially industrial and right across from the train tracks, you could see this one for going for considerably more given the interior.

Was it worth it?

Yes. I actually think the location is great even as it likely kept the price in check. There's a park across the street and all the quirky businesses along Geary are only a a few blocks west. And even if you don't like the current decor, the bones of the house are solid. Plus that huge garage!

by Derek Flack via blogTO