New designer home sells for $600K under asking in Mississauga

A luxurious, newly built Mississauga home sold for well under the list price this month.

The home in the sought-after Lorne Park neighbourhood sold for $3,880,000, $619,850 under the list price in August.

The price drop is one of many in a sluggish real estate market. Homes are selling at a loss in some areas of Ontario. A home in Brampton sold at a $376,555 loss in August and a recent report found 82 per cent of homes were selling for under the asking price in Mississauga, Oakville and the GTA.

The Lorne Park home at 1277 Queen Victoria Ave. was listed for $4,999,850 in April but not sold, according to real estate website HouseSigma. It was listed again for $4,499,850 in May and sold for $3,880,000 on Aug. 18.

The property was sold for land value in 2021 for $1,600,000 and the new home was built on the property.

The custom-built home has four bedrooms (plus one bedroom in the basement) and seven bathrooms.

It has an open-concept living and dining area with custom maple cabinetry, built-in ceiling speakers, and motorized blinds.

Luxury features include an elevator, theatre room, fitness room, swimming pool and a nanny suite.

There is also a 12-car driveway.

Photos: Re/Max Realty Enterprises