Real Estate

Oakville home sellers opt for realistic pricing, reach deal at $49,000 below list

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Sotheby’s International Realty Canada

1300 Greenwood Cres., Oakville, Ont.

Asking price: $1,969,000 (April, 2023)

Selling price: $1,920,000 (April, 2023)

Previous selling prices: $1.3-million (August, 2017); $482,000 (May, 2008); $330,000 (October, 2002); $200,000 (November, 1987)

Taxes: $6,642 (2022)

Days on the market: 12

Listing agents: Nigel Denham and Penny Brown, Sotheby’s International Realty Canada

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The 2,445 square-foot home has three entertaining areas, one of which features a fireplace.Sotheby’s International Realty Canada

The action

This spring, many properties in this part of Oakville south of the Queen Elizabeth Way were setting their asking prices unrealisticaly low in hopes of creating a clamour. The sellers of this recently updated, four-bedroom house decided instead to price it close to where they thought the market was.

“A lot of people were pricing low with offer dates, and you tend to get a lot of people through the door hoping out of sheer ignorance, or hope, that the house is worth the artificially low number placed on it,” said agent Nigel Denham.

“We opted to price it where we felt was market value, so we got less buyers, but more qualified and serious buyers.”

In less than two weeks they had a deal $49,000 shy of the asking price with a June closing date.

“There was a newer and more highly renovated house than ours, but it was sitting at $2.7-million, and then there were a couple houses that were more original versions of ours sitting at $1.6- and $1.7-million,” Mr. Denham said.

“We filled a nice little niche, being a done house, and being well positioned in the community.”

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The eat-in kitchen comes with an island and stainless steel appliances.Sotheby’s International Realty Canada

What they got

This more than 30-year-old house has 2,445 square feet of living space and multiple exits to a double garage and an in-ground pool on the 49- by 108-foot lot.

There is a dining area and three entertaining areas, including one with a fireplace and another with a wet bar in the basement.

There are three bathrooms and an eat-in kitchen with an island and stainless steel appliances.

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The 30-year-old house is located in one of Oakville’s most desirable school districts.Sotheby’s International Realty Canada

The agent’s take

“It’s in Oakville Trafalgar, which is one of the most desirable school districts in Oakville,” Mr. Denham said.

“Its pool is also still a rare commodity. There are more homes without pools than with, and putting in a pool has gotten increasingly more expensive and time consuming.”

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The in-ground pool was a good selling feature, as pools are still a rare commodity and installing a pool has become more costly and time consuming.Sotheby’s International Realty Canada