Owning a slice of Toronto real estate — even a little one — comes with a pretty hefty price tag, like this cozy bungalow that just sold for a little under $1 million.
The Toronto house, located at 241 Cedervale Avenue in the Woodbine Heights neighbourhood, hit the market earlier this month for $799,000 and was marketed as a “solid” two-bedroom, two-bathroom bungalow that “needs TLC.”
And despite the work that a buyer would need to put into it, the house sold just five days later for $932,000.
Although the price may seem pretty steep for a home that’s going to need to be renovated, Zoocasa agent Ivan Kalinin says there are other factors to consider here.
“The main factor to consider is its earning potential and properties of this sort are usually bought by investors, rather than a homeowner looking to occupy,” Kalinin told Daily Hive. “Therefore, we need to shift our perspective and look at it from the eyes of an investor trying to make money.”
The house does have a few highlights, including the finished basement with a separate entrance and two parking spots — something Kalinin says is in high demand.
The buyer of this house will also benefit from being just a few minutes from the Woodbine subway station.
“Properties in close proximity to the subway line tend to have a higher appreciation potential due to the accessibility factor,” Kalinin said. “Think location, location, location.”
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It seems that when it comes to renovations, the buyer shouldn’t have any problems adding to the living space.
“This home is literally surrounded by two and two-and-a-half storey homes that were erected or renovated recently,” Kalinin said.
“This points to an established precedent of obtaining permits to extend the living space of properties, which means that there shouldn’t be much objection to building upwards by the city.”
And with other houses in the area selling for $1.5 million, this home certainly has some profitable flip potential.