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Rosedale’s latest must-have: a basement apartment
Photograph by Lisa Kannakko
Where:77 Elm Ave.
Listed at:$2.695 million on September 29
Sold for:$2.8 million on September 30
Anyone walking past the bustling Ferrari dealership on Avenue Road might have doubts about whether things are really getting that tough. But it would seem that even the high end is doing its own form of belt tightening. At the end of September, a house went up for sale on Elm Avenue, a sort of Main Street for lower Rosedale. In the first 24 hours, listing agents Alison Dyer and Jimmy Molloy entertained four serious expressions of interest, and it sold for $2.8 million, more than $100,000 over asking. The home was lovely—Arts and Crafts style, with nooks and fireplaces aplenty (not to mention nine bedrooms and seven bathrooms)—but that’s not what got buyers excited. It was the fact that 77 Elm came with two apartments that together generate about $4,500 a month in rental income. Even just last year, apartments in a house at this price point would have been a deterrent.
Related:
• Seeing Double: Two Rosedale palaces: one historic, one mock. Can you tell the difference?
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