Saturday, July 24

This $ 699,900 Toronto single-family home seemed like a bargain. Why did no one bite?

#GTAHomeHunt is a weekly Star series that delves into the details of real estate listings in Toronto and the greater Toronto area. Do you have a tip? Email us at [email protected]

Price: $ 699,900

Neighborhood: Briar Hill-Belgravia (near Yorkdale Mall)

X Factor: This 3 + 2 bedroom detached home appears to be one of the cheapest in Toronto and also has quick access to transit routes, Yorkdale Mall, and the Little Jamaica neighborhood.

It is a place that will probably suit a new young family with one or two children looking to start living at home.

If you’re a first-time buyer, you might be wondering if it’s a good deal. We brought in our expert real estate agent. Othneil Litchmore, to better understand why this property costs what it costs.

Why is it priced at this price? At approximately 1,300 square feet, this single-family home at 482 Whitmore Ave and is over 50 years old and is considered a bargain for a freestanding home in Toronto primarily because of its size and location.

The property was originally listed for $ 699,900 and was estimated at more than $ 765,000. However, after being on the market for more than 23 days, since the end of June, the listing has been removed, not because it was sold, but because the seller was probably not interested in lowering prices, he says. Othniel.

Why didn’t people bite? For many potential home buyers, curb appeal matters.

“It looks horrible on the outside,” Litchmore said. “It doesn’t look like the prettiest house on the block, but the smallest and strangest house.”

Litchmore also believes there could be other underlying issues with the venue that buyers need to be aware of.

Although the home appears to have been renovated multiple times by different owners in recent years, Litchmore still has concerns about whether or not the place received a permit from the city for those renovations and was done to code.

“It’s in a decent neighborhood, at a decent price, something is going on,” Litchmore said. “The market is slowing down a bit, but I think something like this should have been sold by now.”

Over the time it has been on the market, potential buyers may have realized that it is not worth the asking price. Many other single-family homes with this number of bedrooms are also quite spacious. Anything under 1,500 square feet can feel a bit cramped, says Litchmore.

Despite these obvious potential problems, the location of the house is truly excellent. Steps from Little Jamaica, the house is also close to the Eglinton West and Glencairn TTC subway stations, allowing access to downtown Toronto in about half an hour.

Other homes in the area go for more than $ 800,000 to close to a million. While this home has two garage parking spots, two bathrooms, three bedrooms, plus two basement bedrooms, and a backyard, it still might be the smallest spot in the neighborhood.

Tips for finding places like this: Litchmore advises those looking for independent housing in this price range in the city to be careful what they are entering. It’s hard to find places like this and if you do, there could be problems.

Litchmore suggests considering a home inspection to be sure. Just considering seniority, there are so many things that could be going on that are not listed.

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