Why is this dated Toronto bungalow listed for $4 million?
All the signs of the Toronto real estate market heating back up are here.
Homes are selling for way over asking, empty lots are going for more than they would with a house on them, and bidding wars are back.
The front entrance and living room of the high-priced bungalow.
We also know the Toronto real estate market is back on its BS when we see something like this Scarbrough bungalow being listed for a whopping $4 million.
Last year, 59 Hill Crescent was listed for $3,888,000. But after over 100 days without selling, it was taken off the market.
Last week, sellers re-listed it with a shiny new $4,000,000 price tag.
Why? Great question.
blogTo reached out to the listing agents to get some insight but unfortunately didn’t hear back… so we’ve made some speculations.
The backyard of the home.
Now, the two plus two bedroom bungalow is indeed sitting on a spacious 100 by 284-foot lot with lush landscaping.
And in Toronto, grass is worth something — though not nearly this asking price. The comparables for this area with equivalent or greater land have been selling between $1.5 million and $3 million.
It’s also worth noting that the average price of a house in this neighbourhood, according to Strata, is just under $1.6 million.
The dining room and living room of the newly re-listed house.
And while it would seem that this place is being sold primarily for land value, the house itself isn’t totally worthless.
59 Hill Cres. is a mid-century bungalow with a classic brick exterior.
As you step inside, you’re greeted by high ceilings, hardwood floors and an open living/dining area that offers tranquil views of the surrounding landscape.
The kitchen of the $4 million home is quite dated.
The kitchen, while fairly dated, looks to be in good working order.
The listing does point out that the house has been very well maintained and that the large windows allow natural light to flood the space.
So even if you moved right in, you’re not moving into a total gut job.
The primary bedroom of the residence.
There are two large bedrooms on the main floor, two bedrooms in the basement and three bathrooms.
Multiple fireplaces add a cozy touch, and the fully finished walkout basement provides additional living space.
The second of four bedrooms in the Scarborough bungalow.
Still, $4 million seems steep for what is a pretty average house, and we would not be surprised if this home still didn’t sell for anywhere close to its asking price.
But then again, who knows in this bonkers real estate market we live in?
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