While lowering a home's asking price can sometimes lead to a bidding war, it's also a good way to entice a quick sale.

Originally listed for $4,988,000 in September, 54 Spruce Street sat on the market for two months before the price was dropped by $190K. But again, two months went by without a sale.

However, when the home was re-listed for $4,250,000 on May 3 -- $738K below the original asking price -- it sold the next day for that exact price.

The Cabbagetown century home is the third luxury listing in as many weeks to see a substantial price drop. Nearly $1M was knocked off the asking price for 337 Cleveland Street -- which eventually sold for $426K over asking -- while more than $850K was taken off the asking price for 140 Harrison Street. The properties were first listed in October and November, respectively.

Specs

Appearing quaint and unassuming from the street, 54 Spruce Street sits on one of the largest lots in the neighbourhood. Built circa 1870, the cottage was completely renovated in 2013, resulting in a perfect blend of historic charm and modern luxury.

Beyond the wrought iron gate, gingerbread-style façade, and stained-glass windows lies a clean, contemporary interior from architect Paul Dowsett and a forested backyard oasis.

"Every inch of this property has been meticulously curated to palpate the senses," the listing reads.

With light hardwood floors, an open-concept layout, and a skylight, the main level is bright and airy. The dining area flows seamlessly into the living space, which features a gas fireplace with custom millwork. A second sitting area and separate den offer ample entertaining opportunities.

The kitchen boasts Sub-Zero, Wolf, and Miele appliances, an oversized waterfall island, and marble countertops. A sun-soaked breakfast area overlooks the backyard.

Oversized retractable doors open onto the space, which features a dining area and a hot tub. Around the double-car garage, which is accessed by a private land off Sackville Street, lies a tranquil sitting area with a fire pit.

Back inside, a floating glass and walnut staircase carries between the home's three levels. Beneath a row of skylights, the second floor houses three bedrooms, all of which have closets, as well as the primary suite, which boasts a walk-in closet, six-piece ensuite, and floor-to-ceiling windows overlooking the backyard.

The lower level offers a spacious rec room with built-in shelving and sleek stone floors as well as a convenient catering kitchen.

With its sizeable price drop and quick sale, 54 Spruce Street proves a point recently made by Don Kottick, President and CEO of Sotheby’s International Realty Canada: Despite soaring demand for luxury homes, buyers are sparing and unwilling to overpay when a property isn't priced correctly.

WELCOME TO 54 SPRUCE STREET

54 spruce street front

54 spruce street side

54 spruce street foyer

LIVING AND DINING

54 spruce street main level

54 spruce street sitting area

54 spruce street dining area

54 spruce street living area

54 spruce street staircase

KITCHEN

54 spruce street kitchen

54 spruce street kitchen detail

54 spruce street breakfast area

BEDS AND BATHS

54 spruce street hallway

54 spruce street bedroom 1

54 spruce street walk in closet

54 spruce street bedroom 2

54 spruce street bedroom 3

54 spruce street bathroom 3

54 spruce street bathroom 1

54 spruce street bathroom 2

LOWER LEVEL

54 spruce street lower level

54 spruce street rec room 1

54 spruce street rec room 2

54 spruce street catering kitchen

BACKYARD

54 spruce street backyard overview

54 spruce street backyard

54 spruce street hot tub

54 spruce street pathway

54 spruce street outdoor sitting area

54 spruce street backyard forest

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