| GLOBE & MAIL Asking Price: $949,000
Selling Price: $969,000
Taxes: $5,262 (2009)
Days on Market: 4
Listing Agent: Walter Wells, Sutton Group West Coast Realty
BY THOMASINA BARNES
Agent Walter Wells describes this 2,940 square
foot 1928 character home as a "diamond in the rough" and "a blank canvas".
While he acknowledges the
three-bedroom home "needs a lot of work to bring the 80-year-old
beauty back to its original form," he believes the home will be
restored rather than removed.
"While a typical older bungalow
would simply be torn down and replaced with a new, 2,400 square
foot three bedroom house, this character property will likely be
completely renovated, retaining many of the classic features
that are popular with west side home buyers while offering
modern amenities," he says.
The home has original oak floors
and leaded glass doors, and in the 1960's, author Margaret
Laurence is said to have written The Stone Angel in the
neighbouring house.
Despite the home's rundown
appearance, Mr Wells says, it attracted numerous buyers and six
offers within its first weekend on the market.
"We had 40 groups through at the
first showing," he says. The home was sold for $11,000 over the
asking price even though this was not the highest offer. "The
owner chose to accept an 'all cash' offer instead of one that
would be subject to several conditions such as financing and
inspection," the agent says.
However, Mr Wells says, this
"surge" in the market will dip again. While some prices are as
high as they were in the peak market of 2008, "I don't expect it
to last," he says.
"I think there is a backlog of
buyers who held off purchasing last year, and that, combined
with a reduced inventory of listings and interest rates that are
as low as they are likely to ever go, has given the market a
temporary boost. I'm expecting a busy September and October with
the market easing off as the year ends."
>>Special to the
Globe and Mail
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