#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: $ 749,000
Neighborhood: Crescent Town – East York
X Factor: This two-bedroom, one-bath detached home on the eastern edge of town could be a great place for a small family thinking of moving out of a condo.
The property is close to transit, about a 10 minute walk to the main station, close to the Danforth Village area and a host of nearby parks and shops.
The house also has a large lot size and in a couple of years it could be very valuable as it is located in downtown Toronto. It could also be an ideal repairman for someone who sees the potential in the area and is interested in investing their time and money.
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 house at 24 Newman Avenue is listed for $ 749,000. A similar but larger home at 43 Meighen Avenue, in the same neighborhood, sold for $ 1 million in August.
So why is this listed so much lower?
Litchmore says it’s because of his size and condition. The current price of the house could also simply be because the owner wants to reach a certain goal.
Despite the current housing market, this home has been listed for over 20 days, another reason Litchmore believes the price is negotiable.
“The fact that a house is on the market for more than 20 days in this very tight housing market means that it has major deficiencies that the average buyer cannot see further and price could be a factor in this case,” said Litchmore. .
Litchmore notes that the images of the house are also not that attractive compared to other similar single-family homes. For example, there is a cigarette ashtray lying around.
“The biggest problem is the condition (the house) is probably in,” Litchmore said. “I suspect there may be problems related to air quality and things like that. If it were in better condition, more and renovated would be a good price ”.
Because of these factors, Litchmore believes the home will sell for less. Realistically, you think it could cost anywhere from $ 680,000 to $ 720,000, but that could depend on how long the seller is willing to wait.
The house also has a vinyl siding that is less desirable to many buyers in the city. The home was last sold for $ 239,000 in 2006.
Tips for finding places like this: For houses that have been listed for a while, like this one, prices are more likely to be negotiable, Litchmore cautioned. In many cases, that means getting a property at a lower price.
Litchmore also suggests that while a home may be outdated, the property it’s on could be worth a lot, especially if you have time to fix it.
Reference-www.thestar.com