Several weeks ago, I posted this 4 bedroom, 4 bathroom house on a 25.48 x 100 foot lot at 85 Macpherson Avenue in Summerhill.

It was listed at $2,275,000.

When I first saw the photos, and saw the amazing renovation (if that is your style), I thought there was no way this place wasn't going for $2,450,000, especially considering the more traditional house down the street at 93 Macpherson Avenue sold for $2,430,000.

Then I realized there was no basement.  Hmm.  That could be a problem.  I thought this would sell for $2,135,000, possibly even up to $2,189,000 (and probably 2 years earlier would have been a $1,995,000 house). I thought it was going lower than ask only because of the no basement and what appeared to be a small living room.

Then I thought about it overnight.  I realized furniture could be moved around, this house had 3 parking spots, the kitchen was incredible if you were good with the stainless steel....

And I thought there was going to be a buyer or more that finally found a semi in this neighbourhood that was done, and done in a non-traditional style unlike 93 Macpherson and that it could in fact go for my first reaction of $2.4+.  

Like the house at 96 Summerhill Avenue that I mentioned yesterday in the post for 102 Summerhill Avenue, I was all over the place in price.  

Turns out, there wasn't someone out there who could overlook the basement for a great reno in a great house on a great street (if you like Summerhill).

The house didn't sell on offer night, but it did sell a week later...

For $#,###,###.

So, with $150,000 into the basement and $20,000 (no idea on this actually) to fix the pea gravel situation...

Is this a $2.4 house?

Definitely. 

And though I think the buyers did well considering the work that is being done on some other neighbours down the street...

One of which sold for over $1.6 in 2012 and is now also being completely overhauled (with what looks like a BIG budget)...

Like what happened with the house at 96 Summerhill Avenue, I am going to stick with logic from now on.