Real Estate News

Real Estate News

Sold: Bellwoods Bungalow Goes for Over 30% Above Asking in Just 3 Days

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“Live/rent now. Redevelop later.” That’s the way the listing page for 154 Claremont Street describes how the Trinity Bellwoods bungalow could be used.

A fine proposition for a 2+1 bed, 2-bath that was, originally asking $1,499,900, priced to sell. But that the property went for $2,018,000 — a whole 33%+ over its listed price — which has us dwelling on how the 22.58 x 127.00 ft. lot has already seen $2 million spent on it before any of the real work has even begun.

Don’t get us wrong, the place is cute as it is. Plenty of windows, a spacious main floor layout, a large double garage, and proximity to Queen West and Trinity Bellwoods park all make a case for this property’s more-than-a-million price-point to be called fair.

The basement’s high ceilings and kitchen also hint at an opportunity for rental income… its early-90s layout aside.

But it’s the listing’s note about “approved permits in place for legal triplex plus additional laneway unit” that, no doubt, made this place worth the additional 30% for whoever bought it.

READ: Sale of ‘Rockstar’ Penthouse Condo Breaks Quebec Real Estate Record

When it comes to the mindsets of developers-to-be in Toronto, it seems you can’t put a price on freedom.

See, for less than the Claremont Street situation went for, this beauty (in the same neighbourhood) is a fully-finished, move-in ready home. Complete with a sleek, modern interior, the place hit the market asking $1,785,000 and ended up selling for under asking, going for $1,775,000. Meanwhile, one of the city’s slimmest homes in east Chinatown has been on the market for 50 days, priced at $1,899,000. The east end spot serves as another example of a property in a prime location, completely ready to embrace new owners… but it hasn’t been snagged after nearly two months on the market.

Meanwhile, the trend of paying-what-you-can to do-what-you-will is ablaze these days, as the recent $2 million sale for a vacant lot closer to midtown goes to show. In just two days, 62 Earlsdale Avenue was off the market for $1,955,000; that’s more than $300,000 over the property’s list price of $1,600,000.

Perhaps quarantine is making idle hands desperate for creative work (lest they become the Devil’s workshop). Or maybe it’s that a year of shocks to the system served as a reminder that #YOLO, waking some Torontonians up to the idea that crafting their perfect home is better done now than never.

Either way, it’s clear that in this city — and particularly in the west end — to be able to build a safe haven from the ground up could be called, if not priceless, then at least worth well more than $2 million upfront.

Specs:

  • Address: 154 Claremont Street
  • Type: Detached
  • Style: Bungalow
  • Beds: 2+1
  • Baths: 2
  • Lot size: 22.58 x 127.00 feet
  • Size: N/A
  • Listed: $1,499,900
  • Went for: $2,018,000
  • Taxes: $7,370 /yr

As it can only be expected that, in the weeks or months or years to come, the face of 154 Claremont Street will change — as may its back, that laneway unit permit considered — we do applaud these buyers for snatching up a space that, in the interim, is charming. Recent market activity has seen similar sales, after all, that could better serve as bike storage than as a live-rent opportunity. (And in that case, the property went for almost double its asking price.)

And if you’re on the hunt to relocate with a budget of about $2 million, this similarly-priced Cabbagetown home looks like a true treasure, while this Trinity Bellwoods 5-bed is charming (packing photos aside)! In either case, there’s no teardown necessary.

EXTERIOR

Trinity Bellwoods

Trinity Bellwoods

KITCHEN AND DINING

Trinity Bellwoods

Trinity Bellwoods

Trinity Bellwoods

Trinity Bellwoods

Trinity Bellwoods

LIVING AND LOUNGE

Trinity Bellwoods

BEDROOMS

BATHROOMS

BASEMENT

OUTDOOR

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