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Price: $ 779,000
Neighborhood: Ajax – Southeast
X Factor: Near the heart of downtown Ajax and close to Lake Ontario, this bungalow is currently the cheapest single family home in the neighborhood on the market, under a million dollars. It has also been on the list for almost three weeks.
With two bedrooms and one bathroom, this could be ideal for first-time homebuyers and developers who see potential in the property as it boasts a massive 76-by-147-foot lot.
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?: The home at 76 Kings Crescent is currently priced at $ 779,000 but dropped from its original tag of $ 799,000. However, Litchmore says this property is still overpriced as a similar home. Just around the corner Sold for $ 730,000.
Litchmore adds that this home will likely need to lower its price even further to $ 700,000 to sell. Another clue as to why it is too expensive is that a larger house in 4 Forest road – which has an additional bedroom – sold for $ 775,000 in September.
“Who is going to pay $ 779,000 for this little (house) in Ajax? I mean, it’s nice, but it costs $ 779,000 for two bedrooms and one bathroom. That’s crazy, ”Litchmore said.
The house has been sold twice in the last three years. In 2018 it was bought for just $ 505,000 and in September 2020 it was sold for $ 630,000.
“They feel like they can charge $ 150,000 more than what they paid a year ago. That’s crazy, ”Litchmore said. “Someone will buy this in a second for $ 720.00 or $ 730,000. Nobody wants to pay $ 780,000 for this. “
The bungalow was once very popular in Ajax, but is now an “anomaly,” says Litchmore, as the city is awash with new townhouses and brick houses that are at least three bedrooms and two stories tall.
There is the possibility of starting a family here, as there is access to transportation, the lake, schools, shopping and recreation centers, but Litchmore says there are better options in the city.
“I think it will be difficult to find someone to bring their young family to Ajax for a home like this,” Litchmore said. “The vast majority of people who come to Ajax come for a new house and a house with space and a community where they can raise their family.”
For the price, Litchmore thinks it’s not attractive to any specific demographic, but it could be to someone who wants to buy it as a rental property. In the future, the property could also expand to become multiple townhomes due to its huge lot size, but it doesn’t appear that the particular neighborhood is developing yet, says Litchmore.
Tips for finding a place like this: You’re probably looking for older homes in newer neighborhoods to get something like this, says Litchmore.
While these homes may be old, there is interest for buyers as it is relatively close to nature and at the same time has quick access to transportation to Toronto with the Ajax GO train and Highway 401 nearby.
Reference-www.thestar.com