The Chase: One couple’s search for a kid-friendly Mimico bungalow

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Published on: May 10, 2016
The Chase: Kid-friendly Mimico bungalow
(Portrait: Erin Leydon)

The buyers: Anthony Provenzano, a 45-year-old architect, and his wife, Sheila, a 35-year-old interior designer.

The story: In 2005, Anthony bought a tiny townhouse in Little Italy for $320,000, then gutted the place and renovated it from top to bottom. He married Sheila in 2009, and five years later they had a son, Roberto, whose crib they had to install in their bedroom for lack of a proper nursery. They wanted a larger, kid-friendly layout, but property values in the area had increased dramatically since Anthony’s purchase a decade earlier, making it difficult for them to afford more living space in the neighbourhood without sacrificing luxuries like their annual trips to Italy. They sold the townhouse for $707,500 and began scouring Mimico for a relatively cheap bungalow—preferably one where Anthony could design a custom second-storey addition.

Option 1

The Chase: Kid-friendly Mimico bungalow
13th Street (near Lake Shore and Kipling). Listed at $620,000, sold for $690,000.
This bungalow was five minutes from the lake, with a wide driveway perfect for street hockey. The couple offered an extra $13,000 and even sent over a family portrait, hoping to win over the sellers. Their efforts weren’t enough: the place attracted seven offers and sold for $70,000 over asking.

Option 2

The Chase: Kid-friendly Mimico bungalow
25th Street (near Lake Shore and Kipling). Listed at $589,000, sold for $573,000.
The couple loved the low asking price and proximity to Colonel Sam Smith Park, but the house was too close to the noise of Humber College’s campus. Plus, there were cracks in the foundation—and even though Anthony planned to do renovations, he wasn’t willing to fix up a crumbling basement. They passed.

The Buy

The Chase: Kid-friendly Mimico bungalow
10th Street (near Lake Shore and Islington). Listed at $675,000, sold for $660,000.
The Provenzanos first saw this property after another buyer had made an offer. Luckily, the deal fell through, and the house was relisted for $15,000 less than its initial asking price. Sheila loved the open layout, which would allow her to keep an eye on Roberto from virtually anywhere. Anthony liked that the basement had its own kitchen—the family could live down there while he added a second storey. They offered $650,000 and threw in an extra $10,000 to seal the deal.

More Chases

Article source: http://torontolife.com/real-estate/houses/the-chase-kid-friendly-mimico-bungalow/

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