Tear-down sells for $1.6 million

Is this the harbinger of what’s to come when the spring real estate market starts in Leaside and Bessborough?

Heads turned in February when a North Leaside tear-down home, on a lot 35 feet by 135 feet, sold for over $1.6 million.

There were also several two-storey homes, among the 14 detached homes sold, that were in need of renovations but were not tear-downs. They sold for $1.3 to 1.6 million, which seems to be the new normal.

Bungalows did well too. The six that sold ranged in frontage from 25.5 feet to 42 feet and averaged $1,121,500, or 12 percent above asking price. Most of the bungalows had multiple offers.

Thus far in 2016, the first 24 homes sold went 11 percent higher on average than the asking price, and in just 11 days.

The highest valued Leaside sale on TREB MLS so far in 2016 is $2.465 million for a beautiful newly constructed home on Airdrie in South Leaside.

The current 12-month changes ending Feb. 29 show all home sales down by 22.1 percent, while dollar values went up 8.1 percent to an average $1,432,216.

Jethro Seymour is a broker at Johnston & Daniel. All figures are from the Toronto Real Estate Board’s Multiple Listing Service.