It's less common these days to see Toronto area homes sell for way over asking, but one of the key exceptions is properties that need considerable work.

Whether deemed suitable for renovations or as a site for a tear down and new build, these types of properties often hit the market low to attract prospective buyers with a vision for how to revamp the place.

So it's not so surprising that a listing of just under $1 million here ballooned up to $1.4 million in a hurry. What's more interesting is imagining whether the buyer will start new or work with the existing home. 

I like the idea of the latter in this case. The house is far from falling apart, and features like the dramatic fireplaces seem like pillars to building around both literally and figuratively. 

In any case, the value of the property was no doubt determined by its ample lot size and proximity to Edenbridge-Humber Valley, which is well known for its large homes.

The Essentials

• Address: 21 Courtsfield Cres.
• Type: Detached house
• Bedrooms: 4
• Bathrooms: 4
• Lot size: 60 x 108 feet
• Realtor: Ana Santos
• Hit the market at: $998,000
• Sold for: $1,408,888

Why it sold for what it did

A smaller home on a slightly more generous lot nearby sold for $1.5 million at around the same time is this one. Given the amount of work it'll take to restore/rebuild this home, the final selling price reflects fair value.

Was it worth it?

Yes. It's a great lot, and I like the bones of the existing house. With the right vision, this could be turned into a beautiful character home with a modern interior.