If you’ve ever wondered what almost three-quarters of a million dollars could get you in Toronto, one option is this uninhabitable garage that was recently listed for sale.
The garage, which has no bedrooms and no bathrooms, is located at 951b Greenwood Avenue in the Danforth Village and hit the market a few days ago for the steep price of $729,000.
Apart from the garage, the property currently has a few small dilapidated fences and a sizeable yard with a few tall trees.
Its property is being marketed as a building opportunity, which means any buyer would be paying that price just for the land value alone. The lot itself, although narrow, is a good size, measuring 20 x 100 ft.
Being in the Danforth Village, it’s close to stores, restaurants, schools, and public transit.
According to Zoocasa agent Claudio Castro, homes in this area can sometimes go for almost $1 million more than what this property is listed for.
“Prices in the area have ranged from $1.3-1.6 million for detached homes in similar sized lots since the beginning of 2021,” Castro said.
View this post on Instagram
- See also:
As with any development property, there are a few things any potential buyer should be aware of, including the hefty price tag that could come with building a new home here.
“Some red flags for this property could potentially include getting a mortgage, as it’s likely that banks will have a bit of a hard time putting a true value on the structure,'” Castro said. “Any interested home buyer may want to do an in-depth cost breakdown on building a new property as the cost of land and building may see them spending over $2,000,000, which would be out of range for the area.”
With that in mind, this property has the potential to be the perfect place for someone with deep pockets and an eye for the site’s potential.