Real Es­tate

A $780,000 three-bed­room bungalow, made pos­si­ble by the bank of Mom and Dad

Toronto Life - - Contents - By stephen spencer davis

The buy­ers: Ja­cob Letourneau, a 23-year-old sales rep with Royal LePage, and his girl­friend, Ni­cole Crisos­timo, a 23-year-old project co-or­di­na­tor at her fa­ther’s com­pany, Con­terra Restora­tion.

The story: As a rel­a­tively new real es­tate agent, Letourneau un­der­stood the im­por­tance of en­ter­ing the prop­erty mar­ket early. The cou­ple were liv­ing in a condo at Yonge and Bloor that be­longed to Crisos­timo’s fa­ther, but they thought they might get the most house for their money in Eto­bi­coke or Mis­sis­sauga, where they’d be much closer to Crisos­timo’s sub­ur­ban of­fice. Both sets of par­ents of­fered to help with the down pay­ment and ponied up a com­bined $500,000. The cou­ple set a bud­get of $750,000 and went in search of a house with two key ameni­ties: a base­ment apart­ment to bring in ex­tra cash and some out­door space for Lulu, their bea­gle mix.

Mul­grove Drive (near Burn­hamthorpe Road and the West Mall). Listed at $699,900, sold for $779,025. Af­ter vis­it­ing five other prop­er­ties, Letourneau and Crisos­timo were tired of look­ing. When they saw this three-bed­room bungalow, they loved its large, treed lot. They bid $779,025, even though the base­ment was stripped to bare studs. The seller ac­cepted, but, at the last minute, the cou­ple’s pre-ap­proved mort­gage fell through, and Letourneau’s mother had to co-sign on the loan. Since mov­ing in on April 7, they’ve spent about $50,000 on ren­o­va­tions and found a ten­ant, who pays $1,300 per month. The buy

Et­tridge Court (near Cawthra Road and Lakeshore Road East). Listed at $729,000, sold for $729,000. The main floor of this place was stodgy, and the cou­ple fig­ured they’d need to knock down a wall to open it up. They of­fered $720,000 via text. When they didn’t get a re­sponse, they bid the full ask­ing price, but the owner had al­ready ac­cepted an­other of­fer. OP­TION 2

Hedge Drive (near Cawthra Road and the Queensway East). Listed at $699,900, sold for $805,000. When Letourneau and Crisos­timo saw this ren­o­vated, three-bed­room home, they were smit­ten. The pair bid $775,000, well below the even­tual sale price. But there was a sil­ver lin­ing to los­ing: they wouldn’t have to pay to ren­o­vate the dated base­ment. OP­TION 1

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.