Rich­mond Hill home sees big re­turn

The Globe and Mail Metro (Ontario Edition) - - Globe Real Estate -

ASK­ING PRICE

$2,590,000

SELL­ING PRICE

$2.4-mil­lion

PRE­VI­OUS SELL­ING PRICE

$850,000 (2010)

TAXES

$8,725 (2016)

DAYS ON THE MAR­KET

37 LIST­ING AGENT Bill Thom, Re/Max Real­tron Bill Thom Group Realty Inc.

The Ac­tion: About seven years ago, a bid­ding war broke out over this de­tached house on an 84-by-155-foot lot in the gated Rich­mond Hill com­mu­nity known as Bayview Hill, with the buyer pay­ing $850,000. This past June, the house sold for $2.4-mil­lion – a $1.55-mil­lion re­turn.

“The sell­ers spent a good $150,000 or so to im­prove the house, the kitchen and ev­ery­thing else, but that’s minis­cule com­pared to the price dif­fer­ence,” agent Bill Thom said. “At one time [Bayview Hill homes] hardly ap­pre­ci­ated, so maybe it was due for a big ap­pre­ci­a­tion.” What They Got: This fourbed­room house was con­structed by Wy­cliffe Homes in 1987 and has a Ge­or­gian-style façade and a cen­tre-hall lay­out with a sep­a­rate den, din­ing room and sunken liv­ing room.

Since 2012, oak rail­ings and a fourth bath­room were added and the heat­ing and cool­ing sys­tems up­graded. Three ex­ist­ing bath­rooms and an eat-in kitchen were also ren­o­vated. The Agent’s Take: “Bayview Sec­ondary School is now ranked very highly within the school sys­tem and … a lot of Chi­nese buy­ers like to have their kids get into the IB [In­ter­na­tional Bac­calau­re­ate] pro­gram,” Mr. Thom said.

“[Plus, the home] has a very unique de­sign with the garage tucked away at the back.”

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