Seeing a Toronto home go for "over asking" isn't necessarily anything to write home about -- it happens all the time. But when a place goes for nearly 150% of its original asking price, we're inclined to let our curiosity get the best of us.
So, what was it about 90 Cowan Avenue that saw its price tag increase to 147% of what it was listed for? The three-storey detached home, situated in Little Tibet, is no doubt a looker, but there must be something special about the space that brought its worth to new heights for its recent buyer.
(We reached out to listing agents Jesse Dhaliwal and Joe Rea at Jesse and Joe Realtor Group for further insight as to what could have influenced the steep price change this property experienced, but hadn't heard back by time of publication.)
Here's our own real-estate-savvy theorizing as to what made this west end home so coveted.
READ: Houses are Selling for Over Asking in Toronto at an Above-Normal Pace
Originally listed for $1,499,900, 90 Cowan ended up exiting the market with a sold price of $2,212,000. The red brick home towers three levels high, and features ample outdoor space -- a front yard, a front porch, a balcony, and a deep, private backyard.
Undoubtedly, the address is well-located. Tucked beneath the Little Tibet strip of King Street West, the property is steps from Roncesvalles to the west and Liberty Village to the east, while the refreshing shores of Lake Ontario are just a short jaunt to the south.
Throughout the home, 10-foot ceilings and sun-soaked rooms are aplenty; the bedroom count totals six, while there are five bathrooms. With a cozy living room, vast kitchen setup (featuring a gas stove... ideal!), and a swoon-worthy soaker tub, the space boasts plenty of appeal for use as a family home.
But we venture that the reason this home's value increased so much in the eyes of its buyer is the fact that its not only a figurative investment -- a place to live, grow, and spend quality time as a family -- but because it can also easily serve as a literal investment.
See, considering the home is three storeys tall, the basement could -- arguably -- be rendered unnecessary. As such, the lower level has been converted into an apartment, complete with its own separate entrance, which will surely appeal to renters seeking space in the trendy west end.
What's more, if someone was really looking to squeeze more dollars out of the space, the upper level is also organized suite-style. This means two opportunities for income within the owners' four walls.
So, if the place struck a chord with a particular buyer and a bidding war ensued, it's not far fetched to imagine that, as the winning party staked their claim with a $2.2 million offer, they were comforted by the idea that they could make back the difference -- and then some -- by leaning into the city's long-term rental market.
To sneak a peek at what they walked away with, (and, perhaps, what could soon be hitting the city's rental sphere), have at the virtual tour below:
EXTERIOR
ENTRY
LIVING AND LOUNGE
KITCHEN AND DINING
BEDROOMS
BATHROOM
BALCONY
BACKYARD
BASEMENT APARTMENT
