#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 firstname.lastname@example.org
Quarter: Keelesdale-Eglinton West
Price: $ 798,888
X-factor: Nearly a century old, this detached house in Toronto is considered one of the cheapest properties on the market.
This house is ideal for a young family or as a fixer top for an investor given the age of the home and its need for renovation. The location is close to a proposed Eglinton Crosstown LRT station, which is currently under construction and is expected to be completed by the end of next year.
If you are a first-time buyer, you may be wondering, is this 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 29 Hilary Ave is listed for $ 798,888, which is likely based on what other detached houses in the area have sold for, Litchmore advised. In September, a 3 + 1 bedroom with two bathrooms, two minutes away from this property sold for $ 837,000.
“It’s priced based on what other properties have sold for and can sell for, which is in the $ 800,000, $ 900,000 range and so on,” Litchmore said.
Although it looks like the owner wants to sell it for more than $ 800,000, Litchmore believes it will sell for much less given how “deterrent” it may be due to its age and that it has no parking. Also only one bathroom.
Litchmore said that back in the day, older homes were built with fewer bathrooms. There is potential space to add another bathroom in the basement, but Litchmore imagines renovations could cost between $ 50,000 and $ 70,000 to get it up to standard.
Looking at the photos, Litchmore notes that one of the rooms appears to have either a crack on the wall. Given how old it is, the floor will probably creak too when you walk on it, he added.
“People are afraid of the state the home is in,” Litchmore said. “They tried a few renovations (since) the kitchen and bathroom are very modern, but then you got these cracks in the wall.”
Litchmore sees the home selling for $ 750,000 – with the potential opportunity to make it even smaller, depending on how long the owners are willing to wait.
“They’re probably waiting to see how much money they can squeeze out,” Litchmore said.
It has been on the market for over 25 days, and since the property has been passed in the family bloodline for several generations, the mortgage is likely to be fully repaid, meaning there is no pressure to sell it, Litchmore said. Most likely, they only pay property taxes and utilities.
Tips for finding a place like this: Litchmore’s biggest advice for finding a good deal is to recognize homes that have been on the market for at least a few weeks.