Sunday, 29 December 2013

$950,000 for this?!

Nestled in South Etobicoke is this small home with a huge price tag.

The house itself is a 2 bedroom, 1 bathroom bungalow on a quiet street just north of Lakeshore Boulevard West. If you take a look at the actual listing you will immediately note a couple of things - the listing only has a picture of the front of the house and of the backyard, and that the description is pitching to builders, contractors and renovators.

That's right - this is a tear-down, start-over project... asking just under a million for the land. Oh, and you get the fridge and the stove too!

Take a look at the image below. As you can see, the lot itself is not all that large and it actually backs on to a Honda car dealership. There is no great view, no historical attributes or notable landmarks nearby. And, like most places in the city, you have neighbours on both sides. Hardly prize land.

Now let's take a look at another listing in the same neighbourhood. This 2 bedroom, 2 bathroom bungalow is only seven blocks away (although it's on the south side of Lakeshore - closer to the lake and the sprawling Marie Curtis park). This place has already been renovated - with granite countertops, hardwood floors, etc, etc. Originally listed at $749,000 the price has been lowered to $699,000. That's not cheap by any means - but it's what you'd expect right now for real estate in Toronto.

Similarly, there's another nearby listing - a new build on a piece of land comparable in size with an asking price of $839,900. It's a 3 bedroom, 4 bathroom place with all the fancy finishings a home buyer could ask for. Again, the price is high but not out of this world for Toronto.

So what gives? Is this a real estate agent's gimmick to drum up interest? They can't possibly be serious asking this much. Even if you wanted to build, paying close to a million for this land before you even bulldoze the existing house seems pretty steep ...right??

What do you think - how much is this house and land really worth? Let me know in the comments below.



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