This detached home in Toronto listed for $699,900 seemed like a steal. Why did no one bite?
|Toronto Star 22 Jul 2021 at 10:03|
X-factor: This detached 3+2 bedroom home looks to be one of the cheapest listed in Toronto and also has quick access to transit routes, Yorkdale Mall and the Little Jamaica neighbourhood.
It’s a place that will likely suit a new, young family with one or two children looking for starting home.
If you’re a first-time buyer, you might be wondering, is this a good deal? We brought in our expert, real estate agent Othneil Litchmore , to gain a better understanding of why this property costs what it does.
Why is it priced this way: At about 1,300-square-feet, this detached house at 482 Whitmore Ave and is well over 50 years old and is considered a steal for a detached home in Toronto primarily due to its size and location.
The property was originally listed for $699,900 and was estimated to go for over $765,000. However after being on the market for more than 23 days — since late June — the listing has been taken down, not because it has sold, but due to the fact that the seller was likely not interested in lowering prices, Othniel says.
Why weren’t people biting? For a lot of potential homebuyers, curbside appeal is important.
“It looks crappy on the outside,” said Litchmore. “It doesn’t look like the nicest house on the block, but the smallest and weirdest house.”
Though the home appears to have been renovated multiple times by different owners in the last couple of years, but Litchmore still has concerns about whether or not the place actually received a city permit for those renovations and if it was done to code.
“It’s in a decent neighbourhood, decently priced — something is up,” said Litchmore. “The market is slowing down a little bit, but I would think something like this should’ve been sold already.”
With how long it’s been on the market, potential buyers may have done walk-ins and realized it’s not worth the asking price. Many other detached homes with this amount of bedrooms are also quite spacious. Anything below 1,500-square-feet can make you feel a bit cramped, says Litchmore.
Despite those potential glaring issues, the location of the home is really great. Steps away from Little Jamaica, the home is also close to both the Eglinton West and Glencairn TTC subway stations which allow access to downtown Toronto in about half an hour.
Other homes in the area are going for more than $800,000 to close to a million. While this home has two garage parking spots, two washrooms, three bedrooms, plus two rooms in the basement and a backyard — it still might be the tiniest place in the neighbourhood.
Tips to finding places like this: Litchmore advises those seeking detached homes at this price range in the city to be careful with what they’re walking into. It’s hard to find places like this, and if you do, there might be issues with it.
Litchmore suggests looking into having an inspection done on the home to be on the safe side. Just considering how old it is, there’s so much that could be going on that isn’t listed.