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Sale of the Week: the $1.3 million home that shows buyers still love the Beach

Address: 96 Waverley Road
Neighbourhood: The Beaches
Agent: Elaine Mok, Royal LePage Terrequity Realty, Brokerage

The Property: This renovated three-storey home is a rarity in The Beach, where semi-detached and rental units reign. The property features its own private backyard with a deck. Inside, modern finishes such as pot lights, central air and upgraded kitchen appliances complement old-fashioned touches, like original trim. People who live near this section of Waverley Road rarely move out of the area, thanks in part to the nearby waterfront and a tight-knit community association. In fact, several people who viewed the home were serial neighbours who have moved from home to home on the street.

 

The History: Waverley Road south of Queen Street was once full of cottages. One that still stands is Inglenook, a historic property at 81 Waverley that locals fought to preserve after it was bought by developers in 1989. 96 Waverley dates to 1903. It had fallen into disrepair when the sellers bought it in 2008. Now fully renovated, it stands out among shabbier abodes on the street.

The Fate: Although the area is family friendly, it was a single young professional guy who snapped up the home. Coincidentally, he moved into 96 Waverley from the same Queen’s Quay condo building as the previous owners. According to May’s TREB Market Watch report, he can expect his property to grow in value (the area’s already up three per cent, year over year). In true Beach fashion, the sellers are moving to a new home nearby.

The Sale: Sometimes buyers decide the value of a home. The sellers originally listed 96 Waverley in February, on the day of a massive snowstorm. Following an underwhelming response, they tempered their high expectations and re-listed for less in April. The home sold within 12 days, close to the Beach average of 11. (Beach properties typically stay on the market half as long as those in other areas of Toronto.) About 85 potential buyers viewed the property. Two made offers, and the sellers worked with the best one to close in on a final price $39,800 under listing.

By the Numbers:

• $1,260,000
• 2,000 square feet, approximately
• 111 years old
• 97 per cent of list price
• 12 days on market after re-listing at a lower price
• 5 minutes’ walk to the beach
• 4+1 bedrooms
• 4 bathrooms
• 2 offers
• 1 parking space

Posted on Tuesday, May 20, 2014 at 11:27AM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference

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