List price:  $2.495 million
Selling price:  $2.7 million
Days on market: 1
History: Sold $931,000 (2008)
Heather Hadden, a realtor with Sotheby’s International Realty Canada, talks to Post City about 878 Palmerston Ave. 

Selling points
The owner is a designer, and she bought the property in 2008, and she took it down to the studs and did the whole house top to bottom, high-end finishes, custom doors, all three levels. And what was really amazing and very rare was the large coach house in the back. It now has a garage for two cars as part of the coach house, as well as a living area with bathroom on the main floor, and then you go upstairs and there is a very beautiful open space that she used as a gallery.

Neighbourhood
As far as I know, it’s a new high for this neighbourhood. As the Annex gets more expensive, this area is coming along with it. It’s rare in the neighbourhood because it’s detached. There aren’t a lot of detached homes. I think being on Palmerston has some cachet to it. It’s close to Dupont with all the grocery stores, restaurants. It’s definitely changing over there and going further west, also.

What went down?
We had a bully offer within 24 hours of listing. It was just the one offer and we went with it. It happened so quickly. There was someone who had knowledge of the property, and when the listing came up, they just jumped on it. There were a ton of showings, and the agent open house was extremely busy. 

Who bought it?
They live in the neighbourhood and were looking to move up. We did meet many in the area, and they all said the same thing: families that are growing but really wanted to stay in the neighbourhood, and they were only looking in that neighbourhood.

Market impact?
Especially in this price range, for something to sell that quickly shows you how hot the market is, even in mid two millions. Two years ago, anything at that price would sit for a while. This is the new normal.