Although a notable lack of listings is driving up the competition in Toronto's real estate market, buyers are not always willing to overpay when a property isn't attractively priced.

Such a scenario is appears to be playing out in the city's Trinity Bellwoods neighbourhood. A beautifully renovated abode in the sought-after community has dropped its asking price by $851K since November, and $500K since March.

Located at 140 Harrison Street, the three-storey detached home was originally listed for $3,850,000 last fall, but, as of May 1, the asking price sits at $2,999,000. The last time it sold, pre-reno in February 2021, it fetched $1.75M.

A similar tactic was used in the recent sale of 337 Cleveland Street. After six months without a sale, nearly $1M was taken off the asking price for the Davisville Village home, and an offer date was set. A "play on people's competitive nature," according to realtor Shay Asnani, the strategy resulted in a sale $426K over asking.

Specs

  • Address: 140 Harrison Street

  • Bedrooms: 3+1

  • Bathrooms: 4+1

  • Size: 3,188 sq. ft

  • Price: $2,999,000

  • Listed by: Ali Booth, Sotheby's International Realty Canada

Situated on a quiet, tree-lined street just off of Dovercourt Road, 140 Harrison Street features luxurious details, including engineered hardwood floors, imported Italian marble, and custom millwork. Inside and out, the crisp white canvas of the property is adorned with light wood and sleek onyx attributes.

Just beyond the threshold, the living area offers a gas fireplace with a modern marble mantel. The open-concept layout of the main level creates a seamless flow through the dining area and into the kitchen.

Beneath a row of floor-to-ceiling windows, the latter has quartz countertops, an expansive island with waterfall finishes, and stainless steel and integrated appliances. The space walks out to a fenced-in, newly landscaped backyard with a patio.

Up the floating glass staircase, with its custom-lit banisters, the second level offers two spacious bedrooms -- one with a balcony and the other with an ensuite. The third-floor primary suite features a walk-in closet with custom cabinetry, a five-piece ensuite, and a private terrace.

A fourth bedroom can be found in the finished lower level, which also houses a rec room and ample storage space. Beyond the cosmetic changes, the home has also been upgraded with new electrical, plumbing, and HVAC.

As with 337 Cleveland Street, the significant price drop at 140 Harrison Street will likely lead to multiple offers. Whether it recoups the full $851K, though, is dependent on Toronto's antsy buyers.

WELCOME TO 140 HARRISON STREET

140 harrison street front

140 harrison street porch

LIVING AND DINING

140 harrison street living room 1

140 harrison street living room 3

140 harrison street dining area

140 harrison street living

KITCHEN

140 harrison street kitchen 1

140 harrison street kitchen 2

140 harrison street kitchen 3

140 harrison street kitchen 4

BEDS AND BATHS

140 harrison street bedroom 1

140 harrison street bedroom 2

140 harrison street bedroom 5

140 harrison street bedroom 3

140 harrison street bedroom 4

140 harrison street bathroom 2

140 harrison street bathroom 3

140 harrison street bathroom 1

140 harrison street bathroom 4

LOWER LEVEL

140 harrison street lower level 3

140 harrison street lower level 1

140 harrison street lower level 2

BACKYARD

140 harrison street backyard

140 harrison street backyard 2

140 harrison street backyard 3

Listed