Luxury homes: Toronto row house sells $500K above asking

After just six days on the market, a Toronto row house listed for $1,499,000 sold for just over $2 million early last month. A key selling point for 50 Fern Ave. was its spacious interior and large windows, said listing agent Irene Grech with Chestnut Park Real Estate, based in Toronto.

“It has really big windows and it’s really light-filled, which makes a difference in the row houses because a lot of them feel very closed in,” she told CTVNews.ca in a phone interview on Thursday. “The sunlight just beams into the property, so you don’t feel like you’re in the middle of a row house. You really feel like you’re in a semi-detached house.”

Built in 1912 on a 40 by 4.4-metre lot, the property features four bedrooms and three bathrooms as part of an open-concept floor plan. The bold red brick on the exterior contrasts the soft and neutral interior design.

A photo of a living room at 50 Fern Ave. inToronto. (Irene Grech, Chestnut Park Real Estate)

Different parts of the property have undergone a number of renovations over the years, dating as far back as 2010, Grech said. This included rebuilding the front porch, installing new floors in the living and dining rooms, and refurnishing the main bathroom with a custom vanity and polished nickel fixtures.

“My seller was really meticulous in the way that she took care of [the property], maintained it and also upgraded it,” said Grech. “She included a lot of designer features.”

The designer kitchen is the result of a custom renovation that involved installing a marble backsplash and a polished nickel faucet. What also makes the property special, Grech said, is its wainscot paneling on the lower portion of the wall on the main floor.

A photo of the kitchen at 50 Fern Ave. inToronto. (Irene Grech, Chestnut Park Real Estate)

“She added a lot of quality details … while keeping the original charm of the house, which is quite lovely,” she said. “So it has a nice, charming, original feel but it was updated, so it was the best of both worlds, really.”

Selling for 37 per cent more than it was listed for, Grech attributes this growth to the high demand from buyers within the city’s market, fueled by a lack of inventory, she said.

“We keep hearing this over and over, and it’s really true,” she said. “When you’re out in the fields, you can really see that there’s no inventory and when the really good houses come up like this one, there’s a huge demand for them.”

A photo of a bedroom at 50 Fern Ave. inToronto. (Irene Grech, Chestnut Park Real Estate)

Another key selling point is its location in the city, Grech said. Located in the Roncesvalles community west of downtown, the property is in close proximity to amenities, transit and parks, all of which are within walking distance. This, along with its numerous upgrades, help make it an attractive purchase to prospective buyers, Grech said.

“This home is move-in ready, which people really love.”

Stay tuned for a roundup of luxury homes on the Canadian market, which will be published tomorrow. In the meantime, sign up for The Offer, our monthly newsletter presenting you with a recap of Canadian real estate news.

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