Two run-down houses in Toronto on sale for almost $3 million
As Toronto home prices continue to soar, a property with two homes on one lot might look like a bargain until you have a closer look.
The average price for a detached Toronto home reached about $1.75 million a couple of months ago. So perhaps the chance to buy two homes at $3 million might seem like a good deal.
But while the property at 140 The Queensway in Toronto is listed for under $3 million, it is no steal.
There are two "run-down houses" on the lot being sold in "as-is condition," according to the listing on Realtor.ca.
This comes as no huge surprise. Toronto has seen it's fair share of run-down homes at million-dollar prices. A run-down home in the Junction was on sale for $900,000. A partially burnt home was listed for $1 million last year.
What all these places have in common is the land value.
The home on The Queensway is in Etobicoke near Humber Bay but perhaps a bit too far from downtown for some people.
But the lot size, a 64.50 by 128 feet and location in front of the Ontario Food Terminal may tempt some people.
According to Zoocasa, the property has six bedrooms and four bathrooms but there are no interior shots available.
The listing suggests the property has potential for redevelopment as it currently has mixed zoning. So with a re-zoning, it could be a commercial or retail business.
Or with some work, perhaps it could become two nice homes. A dilapidated home in Toronto was completely transformed recently — so it is possible.
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