#GTAHomeHunt is a weekly series from Star that goes into the details of property listings in the Toronto and Greater Toronto Area. Do you have a tip? Send us an email at email@example.com
Price: $ 749,000
Quarter: Crescent Town – East York
X-factor: This detached two bedroom, bathroom at the east end of town could be a great place for a small family thinking of moving out of an apartment.
The property is close to transit- about a 10 minute walk to the main train station, near the Danforth Village area and plenty of parks and shops nearby.
The home also has a large plot size and in a few years can be very valuable as it is centrally located in Toronto. It can also be an ideal fixer top for anyone who sees the potential in the area and is interested in investing their time and money.
If you are a first-time buyer, you might be wondering if this is a good deal? We picked up our expert, real estate agent Othneil Litchmore, to get a better understanding of why this property costs what it does.
Why is it priced this way: The home on 24 Newman Avenue is listed for $ 749,000. A similar but larger house at 43 Meighen Avenue – in the same neighborhood – sold for $ 1 million back in August.
So why is this listed so much lower?
Litchmore says it’s because of size and condition. The current listed price for the home may also just be due to the fact that the owner wants to hit a certain target.
Despite today’s hot housing market, this home has been listed for more than 20 days, another reason Litchmore believes the price is negotiable.
“The fact that a home is on the market for more than 20 days in this very tight real estate market means that it has major shortcomings that your average buyer cannot look beyond, and price can be a factor with this,” he said. Litchmore.
Litchmore notes that the pictures of the house are also not as attractive compared to other similar detached houses. For example, there is a cigarette ashtray.
“The biggest problem is the condition (the home) is probably in,” Litchmore said. “I suspect that there may be problems with air quality and such. If it was in better condition, more and renovated, it would be a good price. ”
Because of these factors, Litchmore believes the house will sell for less. Realistically, he thinks it may cost around $ 680,000 to $ 720,000, but that may depend on how long the seller is willing to wait for it.
The home also has vinyl siding, which is less desirable for many buyers in the city. The house was last sold for $ 239,000 back in 2006.
Tips for finding places like this: For homes that have been listed for a while like this, prices are more likely to be negotiable, Litchmore said. In many cases, this means getting a property at a lower price.
Litchmore also suggests that while a house may be outdated, the property it is located on can be very valuable, especially if you have time to fix it.