Tuesday, September 13, 2011

$229,900 for a Toronto home? The problem is the location

225 Prescott Ave in Toronto is an one-bedroom bungalow, in move-in condition and listed at just $229,900 — half the going rate of the average house in Toronto.

But it also has a Hydro tower rising behind its backyard, Go Trains go by 6 times per day and the only bathroom is in the basement.

“I’ve had million-dollar homes that were easier to sell than this one,” says Stephanie Cluett with a laugh, the Royal LePage realtor who is trying to sell the 750-square-foot house. Its been on the market for 8 weeks, a long time by Toronto standards.

The price is a steal by Toronto standards. the 2nd cheapest house in Toronto currently. But nobody wants it because of the triple whammy hydro tower, Go Trains and inconvenient bathroom location.

“It’s cheaper than a condo and you end up with more living space because it’s got a basement and a backyard. Usually a house at this price needs tens of thousands of dollars in renos just to make it livable,” observes Cluett.

The spacious kitchen has new paint and new hardware, but what it really needs is some renovations to add a ground level bathroom. But anyone who doesn't mind stairs would be just fine with the extra exercise.

Two previous offers both fell through, possibly due to old age (the elderly woman is believed to have realized that the stairs to the bathroom would be too much) and the second offer from a 28-year-old single guy fell through when he failed to qualify for financing — twice.

In a city where land itself is expensive $229,900 is a pretty reasonable price. (I'd buy the house if I thought I could afford the payments.)

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