BUSINESS

Ugly Toronto House Sells In 7 Days For $500,000 Over Asking

09/18/2015 01:17 EDT | Updated 09/18/2015 01:59 EDT
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More proof of Toronto's housing market being "on fire." And to be clear, the house is only ugly on the outside.

The newly renovated home was on the market for seven days, drew 90 showings and entertained nine purchase offers, according to The Globe and Mail.

The renovations included:

  • hardwood floors and crown mouldings in the living and dining areas
  • removing walls between the kitchen and family room (which has a fireplace)
  • a custom patio
  • refinishing the basement with a wet bar, steam room and guest bedroom

The asking price at 383 Banbury Rd. was $1,398,000. It sold for $1,903,000. For comparison, the property was sold for $750,000 in 2005.

The listing agent explained why the home commanded such a high price.

“There’s extremely high demand in the neighbourhood,” Patrice Gale told The Globe and Mail. “Plus, you’re not overlooking a back neighbour, but the back of the school yard.”

Check out the slideshow for interior shots of the home.

Ugly Toronto House Sells For $500,000 Over Asking