Uninhabitable Toronto garage sells in two days for $700,000 (PHOTOS)
Real estate is in high demand these days, and that includes this no-bedroom, no-bathroom, run-down Toronto garage that just sold for $700,000.
The property, located at 951b Greenwood Avenue in the Danforth Village, hit the market on March 1 for $729,000 and sold just two days later for $29,000 below asking.
All that sits on the property right now is the garage, a couple small dilapidated fences, and a sizeable yard with a few tall trees. The lot itself, although narrow, is a good size, measuring 20 x 100 ft.
The property was marketed as a building opportunity, meaning the buyer paid nearly three quarters of a million dollars for the land value alone.
“The buyer who purchased this property would most likely be a builder or someone planning to build a home on the lot,” Zoocasa agent Anthony Tomasone told Daily Hive. “The lot being 20 x 100 does make it possible to build a house that will be comparable in size to others in the same area, but overall the home built on this lot would be relatively narrow compared to houses in other Toronto neighbourhoods.”
The Toronto garage was sold in “as-is” condition, which Tomasone says could pose some problems for the buyer.
“The biggest red flag to consider when purchasing a property like this in ‘as-is’ condition is that getting a residential mortgage from a traditional bank will be difficult,” Tomasone said. “Without having a kitchen or washroom, banks will require a very large down payment to consider financing this property.”
With the way real estate prices have been skyrocketing over the past year, this could be a great property flip for an efficient builder.
“Though the costs for building a house has increased significantly since the start of COVID measures due to the increase in demand for, and shortage of, building supplies, the buyer may be able to make a bit of money when they resell depending on the quality of the home they build and the timing of the sale,” Tomasone said.
Whoever the buyer was, one thing is for sure: they have a big project ahead of them.