With parking, a finished basement, and a huge lot, this $ 1.2 million detached house in GTA sold for less. Why?

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Price: $ 1,200,000 (sold)

Neighborhood: Mississauga – Streetsville

X Factor: This single-family home located near a Mississauga historic site finally sold after 43 days, having been listed twice this year.

With three bedrooms, two bathrooms, a finished basement, and a massive 45-by-149-foot lot, the home sold for $ 1,150,000 just a few days ago. The initial sale price? $ 1.2 million.

It is located near downtown Mississauga, minutes from its own GO transit station, has a host of shopping centers.

If you’re a first-time buyer, you might be wondering if it’s a good deal. We brought in our expert real estate agent. Othneil Litchmore, to better understand why this property costs what it costs.

Dining Room at 309 Queen St.

Kitchen at 309 Queen St

Why is it priced at this price?: The single-family home in 309 Queen St It was last listed for $ 1,200,000 but sold for $ 50,000 less a few days ago. Litchmore said it was only a matter of time.

“Most of what has been sold in the area for $ 1.2 million or less is townhomes and townhouses,” Litchmore said. “In the grand scheme of things, this is a deal for a single-family home in Streetsville.”

Another single-family home on the same street in 345 Queen St It also sold well below the asking price at $ 1,265,000. It traded close to $ 1.4 million, but previous owners took nearly $ 135,000 less in November.

With most of the freestanding homes in the area listed for $ 1.2 million, why the lower asking price for this property? Litchmore notes that multiple price swings could have an impact, as they could have generated some red flags for some buyers. It was available in March 2021, but ended almost two months later. It was re-traded in November for less than a million and then rose to a starting price of $ 1.2 million shortly thereafter.

Living room at 309 Queen Street.
Room at 309 Queen Street

The home sits on Main Street on the historic and old side of Streetsville and is estimated to be 1,100 to 1,500 square feet. The property has a gabled roof, which speaks to how traditional the house is.

The property is also next to many businesses, so Litchmore could see this home bought by someone who has plans to use it as a side office, potentially a doctor or insurance office. It also has a garage and parking space that can accommodate several vehicles.

Litchmore says it could have taken so long to sell due to how unclear the buyer should have been. With the house located on the main street, that can be a problem for a family looking at this location.

“People prefer to live on the side street than the main street,” Litchmore said. “You don’t want your kids to be out front and it’s probably not as family-friendly.” In general, families tend to avoid the main streets, as a precaution and mainly for the safety of their children, he adds.

“The location itself is probably not ideal. There is too much traffic, too many cars and if you have small children, you always have the fear of being run over in the street and run over, “said Litchmore.

Bathroom at 309 Queen St
Backyard at 309 Queen Street.

Tips for finding places like this: Litchmore advises families viewing a home so consider what stage they are in. He says that living on a main street is not ideal, but if that doesn’t necessarily matter to you, there may be homes like this.

Litchmore also suggests looking for older homes that have been on the market for several weeks, as these are properties that you can get a deal on.

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Reference-www.thestar.com

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