Sale of the Week: The $1.7-million Willowdale home that proves land is sometimes worth far more than a house

Categories: Real Estate News
Tags: No Tags
Comments: No Comments
Published on: June 27, 2016

Address: 203 Ellerslie Avenue

Neighbourhood: Willowdale

Agent: Adam Parsons, Bosley Real Estate Ltd., Brokerage

The property: A one-and-a-half-storey house on a huge, manicured lot.

The history: The seller bought the house for $305,000 in 1997. She made modest updates over the years, but the house itself is virtually unchanged. Most of her effort went towards landscaping the 300-foot lot and creating a lush perennial garden. Now, she’s retired and planning to move to Ottawa to be closer to family.

The fate: The buyers, a couple from New York, plan to move into the house for now, but they’ll almost certainly redevelop it eventually to take advantage of the size of the land. There’s a lot of rebuilding happening on Ellerslie Avenue at the moment, including on a massive double lot just four houses east of this one.

The sale: The listing agent gently broke the news to the seller that her land was worth a great deal more than her house—and, that if priced very aggressively, it would generate a lot of interest among developers and builders. There were about eight showings on the first day, but there was also an extremely high pre-emptive offer. At $700,000 over asking, and with a quick closing as part of the deal, the seller had no reason to decline.

By the numbers:

  • $1,700,000
  • $5,558.83 in taxes (2016)
  • 1200 square feet
  • 53-by-300-foot lot
  • 5-car driveway
  • 3 bedrooms
  • 2 bathrooms
  • 1 day on the market

The house isn’t big, but it’s cozy. Here’s the living room:

toronto-house-sold-203-ellerslie-avenue-2

The dining room:

toronto-house-sold-203-ellerslie-avenue-3

And the family room, with greenery inside and out, and a wall of exposed brick:

toronto-house-sold-203-ellerslie-avenue-4

The kitchen:

toronto-house-sold-203-ellerslie-avenue-5

There are three bedrooms. This one is being used as an office:

toronto-house-sold-203-ellerslie-avenue-6

The main bathroom:

toronto-house-sold-203-ellerslie-avenue-7

Another bedroom:

toronto-house-sold-203-ellerslie-avenue-8

And the last bedroom:

toronto-house-sold-203-ellerslie-avenue-9

But the real attraction here is the lot, which is 300 feet deep. This is only the start of it:

toronto-house-sold-203-ellerslie-avenue-10

This is what the buyers paid $1.7 million for:

toronto-house-sold-203-ellerslie-avenue-11

More Sales of the Week

Article source: http://torontolife.com/real-estate/houses/toronto-house-sold-203-ellerslie-avenue/

Comments are closed.


November 2017
M T W T F S S
« Oct    
 12345
6789101112
13141516171819
20212223242526
27282930  

Welcome , today is Saturday, November 18, 2017