What is up with the prices in this neighbourhood?

This 8 year old house in Playter Estates is 3+1 bedrooms, 3 bathrooms and sits on a 20 x 100 foot lot.

It is listed at $1,195,000.

It's a good house but it isn't huge.  When I saw it, I thought of a similar house that was located at 556 Woburn in Ledbury Park.  It was listed at $1,289,000 and I think sold for close to asking.

I would rather live closer to downtown but that house had much better bathrooms and was much bigger.

This house is good.  If you are into bright kid's rooms with stenciling, this house doesn't need any paint.  But what is going on with that stenciling on the kitchen cupboards?  That would be a pain if you need to repaint all the cabinets.  After seeing the fireplace in the master bedroom, it looks like the owners probably did a lot of changes to bring the house more up to date (even though it is only 8 years old).  It's what this house a few streets over could look like with a few minor changes (and a new bathroom).  That house is only 2 storeys but has a family room and is bigger.  It is listed at $1,079,000 which I think is about $50,000 too high but could be a good option in that neighbourhood with some paint.  But as I said in my post about that house, if that paint colour is your thing, the price is great.

So, is this house priced right?  Yes, I think so but it will go over.  If the house across the street at 75 Ellerbeck sold for $1,205,000 and this house at 220 Riverdale sold for $1,280,000, this one will sell for $1,275,000 if not more!  

NUTS!

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