#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: $ 349.00
Neighborhood: Corktown – Hamilton
X Factor: As our expert, real estate agent Othneil LitchmoreHe says, “the price seems ridiculous,” at least compared to the October median sales price for townhomes in Hamilton, which was more than $ 750,000.
The house at 78 Walnut Street South is in the heart of downtown, just steps from Main Street and a seven-minute walk from the Hamilton GO station. A five- to ten-minute drive will take the resident to some of the best restaurants, shops, and galleries in the city.
To better understand the price of this listing, we turned to Litchmore.
Why is it priced at this price?
This three-bedroom, one-bathroom townhome in this old Hamilton neighborhood is listed at a bargain price, Litchmore says, though he adds that having just one bathroom makes it less desirable.
Explain that in the past four months, 16 homes in Hamilton have sold for less than $ 375,000. While three of them have had three bedrooms and a bathroom, the houses have been “small” and older, for the most part.
Photos of this messy, no-stage house may give some clues as to why the price is so low, says Litchmore. One possibility is that a tenant currently lives there, but another is that the photos were rushed and the owner is forced to sell his house, he says.
“Something is forcing them to sell, whether it’s the bank or a divorce or the CRA or something like that,” says Litchmore.
Still, he says it’s “very possible” that this home will sell for over $ 400,000, and adding the painted brick adds an interesting quality.
And while the house certainly appears to be old, that’s to be expected at this price, says Litchmore. The good news is that the seller has already taken steps to make sure the home is in good condition.
“The basics are done,” says the list. “Newer copper wiring, main level floor (also leveled), rods to secure frame, decks, ceiling insulation and drywall,” the listing reads.
Litchmore explains that problems with older homes are unavoidable, so it’s important to make sure the repairs are made. For example, electrical wiring problems can arise in older structures, creating a fire hazard and making it difficult to obtain home insurance. But in this case, the buyer can be sure that the owner appears to have taken steps to address these issues.
The listing says the house presents an opportunity to “elevate the great bones to a new finish.”
As it is, the house “is not in good condition, but it is decent,” says Litchmore. “The soil is good. The kitchen probably needs to be ready. It is a smaller kitchen. Maybe they want to renew it a bit. So maybe that would cost you (about) $ 20,000. “
Also, there are no photos of the rear area, although the listing says it can be “converted into a more private outdoor space”, using an existing fence.
While the home is close to great food and attractions, Litchmore adds that the buyer should feel comfortable being in a promising neighborhood.
Tips for finding places like this?
This home is a good home for someone looking to enter the real estate market, says Litchmore.
He adds that searching for older homes in the original area of downtown Hamilton can yield similar results. With a budget of less than $ 450,000, people looking to buy can find something “pretty good” there.
JOIN THE CONVERSATION
Anyone can read Conversations, but to contribute, you must be a registered Torstar account holder. If you don’t have a Torstar account yet, you can create one now (it’s free)
Reference-www.thestar.com