Real Estate: Forest Hill schools bring out the buyers

Charming Russell Hill Road home a snapshot of city’s carriage trade market

List price: $5.4 million
Selling price: $5,388,888
Days on market: 9
History:Sold for $1.28 million in 1994

This beautiful Forest Hill home at 412 Russell Hill Rd. has old-world charm and a gorgeous lot with mature gardens. With the massive run-up in Forest Hill Village real estate, Post City spoke with real estate agentJimmy Molloy of Chestnut Park Real Estate Ltd.about his experience selling the home earlier this year and what comes next.

Selling points
People really appreciated the charm of the house, the beauty of the lot and also the location. There are areas like this in Toronto that are so golden because of the proximity to downtown, the quality of the neighbourhood and the quality of schools. Especially of interest is the quality of educational institutions that are within walking distance of Forest Hill. You have UCC, BSS literally less than five minutes from the house, and for public schools you have Forest Hill Collegiate with their famous student Drake.

Who bought it?
The buyers were moving in from the suburbs. They wanted to be downtown, and also the schools were a very important factor in their decision making.

Were foreign buyers looking?
Without question we had foreign buyers looking at the property.

What about the sellers? Are they retiring?
They are not retiring. They are still young, but the kids are gone, and they are just ready to move on to the next stage of life.

And what does this say about market conditions?
I think that it says there is a lot of confidence in the Toronto market and a lot of global attention to the Toronto market. The world, in some respects, is a little unstable. And I think the stability Canada offers, and Toronto in particular, and the lifestyle amenities this city has, Toronto real estate is just a wonderful thing to be a part of. I think that’s the way the world looks at us.