As Toronto property prices continue to rise, a two-house property on one lot can look like a bargain until you take a closer look.
The average price for a single family home in Toronto hit about $ 1.75 million a few months ago. So maybe the chance of buying two homes for $ 3 million seems like a good deal.
But while the property at 140 The Queensway in Toronto is listed for under $ 3 million, it’s not a bargain.
There are two “run down houses” on the property which are listed on Realtor.ca for sale “as is”.
This is not a big surprise. Toronto has seen a fair share of rundown homes at million dollar prices. A rundown house on Junction sold for $ 900,000. Last year, a partially burned house was listed for $ 1 million.
What all these places have in common is the land value.
The house on Queensway is in Etobicoke near Humber Bay, but it may be a little too far from downtown for some people.
But the size of the lot, 64.50 by 128 feet, and its location in front of the Ontario Food Terminal can tempt some people.
According to Zoocasa, the property has six bedrooms and four bathrooms, but interior shots are not available.
The listing suggests that the property has potential for redevelopment as it currently has mixed zoning. A reallocation can therefore be a commercial or retail store.
Or maybe with a little work it could turn into two beautiful houses. A ramshackle house in Toronto was recently completely remodeled – so it’s possible.