After first sale collapses, relisted bungalow sells $305,000 under asking

64 Humber Valley Cres., King City, Ont.

Asking price: $2,325,000 (August, 2022)

selling price: $2,020,000 (November, 2022)

Previous selling price: $1,765,000 (August, 2017); $1,220,000 (April, 2016); $1,125,000 (August, 2015); $161,900 (July, 1985)

Taxes: $8,900 (2022)

Days on the market: 83

Listing and buyer’s agent: Joel Carcone, Re/Max Hallmark York Group Realty Ltd.

The action

A rear sunroom has an exit to a wide deck, hot tub and in-ground pool.Re/Max Hallmark York Group Realty Ltd.

This 37-year-old bungalow on a half-acre lot in King City, about 50 kilometers north of downtown Toronto, was officially sold for $2,325-million during the spring housing boom in May. Three months later, the buyers couldn’t close the deal. The seller had little choice but to settle the matter out of court and relist the property for $2.325-million in a cooler market.

“This is not uncommon,” said agent Joel Carcone. “This is just what happens when the market changes.”

“I had the same issues back in 2016/2017 when the market swung at that time, so some people got caught in the crossfire.”

Several offers came in for the 98- by 245-foot site but all demanded heavy discounts on the asking price. In the end, one buyer met the seller part way and a deal was struck at $305,000 under list.

“In King, there are so many builders and so many people who want these lots,” Mr. Carcone said.

“It’s pretty big, even for the area where they tend to be 100- by 200- [feet].”

What they got

The primary bedroom and principal rooms are on the main floor.Re/Max Hallmark York Group Realty Ltd.

This three-bedroom bungalow has an unconventional layout with two bedrooms on a loft level, and the primary bedroom and principal rooms on the main floor.

There are three bathrooms and interior entry to the double garage in addition to a guest bedroom and a recreation room in the basement. A rear sunroom and modern kitchen both have exits to a wide deck, hot tub and in-ground pool.

The agent’s take

“The new buyers are likely to tear that house down to rebuild,” Mr. Carcone said.

“There’s a lot of new development going on in the town of King, expanding towards Seneca [College]where there’s a new arena and recreational facilities.”