If you're a regular reader of our Home Of The Month posts, you know we help all kinds of purchasers including first time and move-up buyers, down-scaling zoomers, investors and people relocating to Toronto. No matter the circumstance that necessitates a purchase, we endeavour to match your housing needs, wishes and dreams with the ideal property.
This month, we feature a purchase by a dynamic couple who have a sweetheart of a newborn. Having resided in the Bedford Park neighbourhood for a number of years in a spacious condominium at 3130 Yonge Street, they were well-established in this beloved midtown location which boasts all the benefits of a great urban village. With fresh grocers, a great vintage selection at the LCBO, and some stellar cafes, this family friendly locale – just steps to the Lawrence subway station – has a compelling way of making you want to throw down roots. Bordered by parks and green space – and a terrific library – this bucolic neighbourhood features tree-lined streets that lead the way to some of the city's most reputable schools. Of particular merit is that this month's feature purchase is in the catchment district for John Wanless Junior Public School, Glenview Senior Public School and Lawrence Park Collegiate.
Our Buyers, keen to stay in the neighbourhood, were quickly seeing real estate values in this highly coveted location rise to unprecedented values. And although the condominium market has also been going up in value, it is well-documented the rate of escalation for these two housing types is different. We wrote about this in a post last month called High-Rise Versus Low-Rise: Exploring The Toronto Real Estate Gap where the research firm, Real Net, along with the Building Industry and Land Association (BILD), calculated that the record-setting price gap between low-rise and high-rise housing this past year in Toronto hit just over a whopping $251,000. Basically, high-rise condominiums rose at a rate of 4% last year while low-rise housing jumped 8%, reinforcing the reality that if you're looking to climb the property market from a condominium into a freehold property, the longer you wait the larger the gap in value. This is making it more costly – and potentially cost-prohibitive – to enter the downtown freehold housing market.
Our Buyers had competed for some of the renovated semi-detached houses in the neighbourhood that were landing under $1mil. Surprisingly rare to market, and often inciting frenzied bidding wars, when this spacious brick semi-detached dwelling came to market – reputedly one of the original Model Homes featuring well-proportioned and larger-than-typical principal rooms – our Buyers decided they were willing to undertake a renovation where they could make the house their own. Although the house – which had been tenanted for well over a decade and presented as somewhat shabby – was in need of repair, overall it had decent 'bones', front pad parking, and was just far enough from Yonge Street to be quiet, but close enough to get anything you needed lickety-split.
Here are some photos of the residence from the MLS listing:
Offered at $799,000, our Buyers competed against one other purchaser and secured this property for one percent over the list price. Our Buyers are now nearing completion of a substantial renovation in advance of moving in, which will serve them for the long term. And while tackling a renovation can be both onerous, exhausting, and more costly than anticipated, the upside is you end up with a space personalized to suit, while bypassing the surprise shortfalls of someone else's renovation.
Is this the sort of property purchase you'd be interested in?
Serving first and next-time buyers, relocations, renovators and those building their long term property portfolios, our mandate is to help our clients choose property which will realize the highest future return on their investment while ensuring the property best serves their practical needs and their dream of “Home” during their ownership. At urbaneer, we identify a property's best qualities, features and insouciant charm in the context of your wishes and wants, plus your future target market. Although searching for the right property can be an intense and sometimes lengthy process it is, without fail, rewarding both to our clients and the urbaneer team. We are so grateful to be the realtor of choice for so many Torontonians, and new arrivals.
If you, or someone you love, has specific real estate needs, wishes and desires, and would enjoy the personalized service of a Top Producing boutique real estate team who subscribe to a pressure-free approach, please know we're here to help at urbaneer.com.
~ Steven and the urbaneer team
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Buy Of The Month