This semi-detached home in Toronto’s Crescent Town sold for $200,000 over the asking price. Here’s why

X-factor: The renovations and finishes were likely the biggest selling point of 25 Sibley Avenue, said Othneil Litchmore, the Star’s expert real estate agent.

“It looks pretty good on the inside,” he said.

The online listing said that updates have recently been done to the kitchen and bathrooms, and new flooring has been installed throughout the home.

George Avramopoulos, the listing agent, said that the property is a typical red brick, early 1900s East York semi-detached.

He added that the main floor has kept its original charm with some of the original mill work. It is an open concept design with the living and dining areas connected, and the light flooring with white walls make it a bright space.

Towards the rear of the home is the kitchen, which Avramopoulos said has stainless steel appliances and quartz countertops.

Then behind the kitchen is a room that’s currently being used as an “office flex space.” It has an exit to the property’s backyard.

Upstairs has two bedrooms and a bathroom. The primary bedroom has a large window looking out onto Sibley Avenue while the secondary bedroom has a skylight.

“The basement has a full ceiling height and a complete separate entrance that would be great for turning into a separate apartment,” Avramopoulos said.

Both real estate agents said that the most likely person to buy this property is a first-time buyer.

How’s the neighbourhood?

Avramopoulos said the location is the home’s biggest selling point.

“Crescent Town is extremely vibrant and currently emerging into an East York hot spot with its proximity to public transit, a variety of restaurants and acres of green space,” he said.

Litchmore added that it’s a nice neighbourhood “in and of itself” and that being close to Victoria Park station is a nice feature.

Did it sell at its value?

The home sold for $201,000 over asking price.

It was listed for six days and apparently had a lot of interest. Avramopoulos confirmed that they ended up with seven offers on it.

“I think that the buyer fully appreciated all the recent upgrades that the seller had completed prior to listing,” he said.

Litchmore said that listing a home at a lower price is a tactic to bring in as many bids as possible. 

“We have a market that’s sort of all over the place. I don’t want to use the word unstable, but some things are selling really quickly, some things are selling really slowly,” Litchmore said. “So, oftentimes sellers and agents will use the strategy of listing things low in order to allow the market to speak and decide what the actual value is.”

A home nearby on Rosevear Avenue sold for $820,000 on July 25, but it had one less bathroom.

The average price of a semi-detached home in Toronto during the month of July was $1,254,280, according to the Toronto Regional Real Estate Board’s monthly report.

#GTAHomeHunt is a series from the Star that gets into the details of real estate listings in Toronto and the Greater Toronto Area. Have a tip? Email us at social@torstar.ca