This $4 million house in Pickering is like a time warp to the 1960s
It's not unsual for a small bungalow that hasn't been updated since the 60's to go for millions in Toronto but Pickering?
This four-bedroom, two-bathroom bungalow is currently listed for $4,200,000.
This home is being sold "as is where is", according to the listing.
However, the realtor makes note of things like a "newer" furnace and a gas fireplace in the basement.
But when you take one look at this place you know it's going to be a gut job at the very least if not a full tear down.
The interiors are very dated with laminate wood panelling, fibreglass drop-ceilings in the basement and more wallpaper than I've seen in a while.
According to Zolo, last month the average price for a 4-bedroom home was around $1.3 million.
So why is this place worth more than $4 million?
Well it's sitting on more than two acres of land with a forest and stream with 165-foot frontage.
Average prices per square-foot of buildable land in Pickering are about $52 per-foot right now, according to a report from residential market research and advisory firm Bullpen Research & Consulting Inc. and land-use planning and project management firm Batory Management.
So if you do the math this chunk of land could actually be worth over $5.5 million... which means this is actually a bargain!
Join the conversation Load comments