AdmiralsFan24
Registered User
The only reason that house costs that much is because it's on the water. Put that house a half mile south and cut at minimum $2 million off the asking price.
Would You Pay $1M For This Toronto Home ?
- Thread starter cupcrazyman
- Start date
The only reason that house costs that much is because it's on the water. Put that house a half mile south and cut at minimum $2 million off the asking price.
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A lot of houses in good parts of Toronto sell for above listed price though.
All of them do.
It's a known fact that in this market currently, the best tactic is to list for 20% or so below market value so that you get lots of people to the open houses or private showings, and the resulting bidding war will bring in prices well above asking.
The fact that bids aren't public knowledge is one of the primary driving forces of the market the last couple years. It's good for sellers and realtors.
I'm renting a <400sf condo that was just sold. It's a brand new building that finished one year ago. The developer sold these units for $280k at market last February. The unit I'm renting was listed at $320k in January. There were 26 showings in a week and it sold for $370k.
So, $90k price appreciation on a downtown bachelor with no storage or parking stall in about 10 months.
I'm just glad the new owner wants to keep me as a tenant so I don't have to move.
Blainer114*
Maverick
I love my city but its becoming overly expensive and they rather waste money on a subway nobody wants than make an lrt that would service more ppl and cost less. Also 1 in 10 kids are homeless here but the govt doesnt care
Slush
Registered User
Bjorn Le
Hobocop
In Toronto? No, they'll live in it as is or renovate it. It would be prohibitively expensive to tear it down and build something else. One of my cousin's had a house like this in Toronto, but closer to downtown. I'd say most places like this are nice on the inside. It's a lot harder to renovate the outside and make it look nice/not out of place with the rest of the neighbourhood.
In less expensive cities they might tear it down, but not in Toronto. A late 20s/early 30s executive working on Bay Street will buy it as his/her starter home.
That is a technically detached 3/4 story house which by the looks of it has multiple parking spots. $1 mil seems low for that actually.
It's actually a growing trend in most big cities with Vancouver being the most common but places like Toronto and Montreal are seeing it done more and more and even here in Ottawa.
http://www.waldenhomes.ca/transformation-home-growing-trend-tear-downs
When I visited someone in Toronto a few years ago that lived in an area fairly close to downtown on his street there was 4 places being done. Two were complete tear downs and two were partially torn down and upgraded.
- May 17, 2011
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Bjorn Le
Hobocop
Yes but not certainly not most. The cost of doing a full tear down and rebuild is too much for most home buyers. For the homes in the link you provided, I'd wager the cost is $1,000,000+ on top of the minimum $1,000,000 you paid for the land. I used to be a contractor and I invested in some small/medium housing and condo developments. The cost of a partial rebuild depends on your ambition. An internal rebuild is far cheaper than the ones depicted in those pictures. I would say most will do some internal renovations (if the property hasn't already had that done), but those full rebuilds are too expensive for most. You were probably in a very expensive part of Old Toronto where the buyers are very affluent, but are "new money" and don't want to move into condos or neighbourhoods like Rosedale.
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