Toronto real estate prices seem to keep rising by the day, and this Scarborough house with no bedrooms, no bathrooms, and no kitchen just sold for over $1 million.
Located at 29 Bridlewood Boulevard, this house, according to the listing, had nothing inside and was “stripped down to the studs” and “ready to be renovated.” Photos of the inside of the home weren’t made available on the listing.
But after two days on the market, a buyer who was up for the renovation project shelled out $1,050,000 — about $50,000 over the asking price — and purchased the bungalow home.
According to Zoocasa agent Jared Karabegovic, this type of home is hard to come by in the area, saying that it “is simply no longer built.”
“Grabbing a ranch style home on a large mature tree’d lot is a great place to build a custom home for a large family, even at $1 million+ for the land and studded shell, the long-term value is there,” Karabegovic said.
Other houses in the area that needed renovation have ranged from $1.15 million to $1.4 million, Karabegovic says, but the fact that the Bridlewood Boulevard property is pie-shaped and narrows in the back would have affected the price.
Not only will this Scarborough house be a big renovation project, but because the house has essentially nothing inside of it, the buyer may have had a more difficult time financing the purchase.
“The fact it doesn’t have a kitchen, bathrooms or interior walls, the banks would typically require a much larger down payment in order to secure this type of house,” Karabegovic said.
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But with the price of building supplies having spiked right now due to supply chain backups, Karabegovic says incomplete properties like this one could start popping up more and more over the next few months “due to the renovation costs being more than what some buyers have originally estimated.”
These definitely won’t be of interest to someone looking for something move-in ready, but for a builder or home design enthusiast, there’s endless possibilities.