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January 7th, 2025Olea in the News
Globe and Mail Article: Too many stairs, rising rates put damper on semi sale
“There were five staircases essentially, so that limited who could purchase the home,” said agent Munira Ravji.
“We held back on offers originally at $999,000, and one of the reasons we do that is not just to get a bidding war, but also because if we have a family living in the home, we try to wrap it up quickly for them.”
Listing agents: Elias Ben Khelifa and Munira Ravji, Royal LePage Signature Realty
The Action
A staircase leads up to the kitchen. Royal LePage Signature Realty
This semi-detached house on a 15- by 80-foot lot has the benefit of backing on to Monarch Park, but the disadvantage of a split-level designwith six floors and multiple staircases. To offset that deficit the price was set at $999,000 last summer.
“There were five staircases essentially, so that limited who could purchase the home,” said agent Munira Ravji.
“We held back on offers originally at $999,000, and one of the reasons we do that is not just to get a bidding war, but also because if we have a family living in the home, we try to wrap it up quickly for them.”
That strategy backfired as the bids that came in were all considered too low. The house was taken off the market, then relisted in the fall at a higher asking price of $1.25-million. One offer came in at $1.15-million, which was accepted.
“The interest rates went up while we were listed, so that really put a damper on things,” Ms. Ravji said.
“One street over on Sandstone [Lane], a similar house was renovated, but actually sold for less than ours, which was a little bigger and the proximity to the park was a big deal.”
What they got
The semi-detached house is on a 15- by 80-foot lot. Royal LePage Signature Realty
This roughly 30-year-old house has a formal foyer with a dining room to one side and a staircase ahead leading up to the kitchen. It has heated floors and sliding doors to a patio and parking off a laneway.
The next level up provides a living room.
The top three floors each accommodate one bedroom. The largest one contains a walk-in closet and one of three bathrooms.
The Agents take
Royal LePage Signature Realty
“Some people loved the stairs because it’s a really interesting layout,” Ms. Ravji said.
“There not a ton of turnover in the area because people raise their families there and know all their neighbours. My clients were there for 30 years themselves.”
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