Buyers unload newly-purchased Etobicoke home, take $145,000 loss

Open this photo in gallery:

12 Elmcrest Rd., Toronto

Asking price: $1,995,000 (November, 2024)

Previous asking price: $2.1-million (October, 2024)

Selling price: $1,850,000 (November, 2024)

Previous selling prices: $1,995,000 (October, 2024); $1,546,000 (January, 2024)

Taxes: $5,794 (2024)

Property days on market: 30

Listing agent: Dino Capocci, Royal LePage Real Estate Services Ltd.

The action

A couple purchased this three-bedroom bungalow on a whim for $1.995-million in 2024 but had almost instant buyer’s remorse, not wanting to move from their beloved home down the street. Less than a week after they took possession in October, they put it back on the market. Priced briefly at $2.1-million, it was then reduced to $1,995,000 the next week. They found a buyer to take it off their hands for $1.85-million.

“On second thought, [my clients] decided they didn’t want to move out of their house” said agent Dino Capocci. “They knew they might take a hit, because it’s never a guarantee in this market if you buy something, you can sell it right away.

“A few years ago, you could probably relist this and it would sell for over the [asking] price. But now, the market is tighter. So we took a lower price.”

What they got

Open this photo in gallery:

This raised bungalow with an attached, double garage sits on a 51- by 197-foot lot.

A previous owner invested more than $300,000 in renovations, including new windows and a heated driveway in addition to herringbone hardwood flooring on the main floor.

The main and lower levels both have upscale kitchens and entertaining areas with updated fireplaces. There are two full bathrooms and three bedrooms.

The main floor also has three exits to two southwest-facing decks, including one with a gazebo and hot tub.

The agent’s take

“It’s on one of the most sought-after streets in that area, and it’s an extra deep lot,” Mr. Capocci said.

“It’s brand new and nicely renovated. There was nothing to do.”