This $10 million lakefront property in Toronto doesn't even have a house yet
While it's true that land value is a huge selling point when you purchase a home (location, location, location!), the home usually does have some value too... Or so I thought.
Interestingly enough, blogTO wrote about 440 Lake Front four years ago when there was an actual home on the property.
After the Hamptons-esque beach home sold for $5.4 million, the current owners tried several times to rent it out.
And then when that didn't work, they apparently went for the nuclear option and completely demolished the home.
Sure, the home was dated and definitely needed upgrades and air conditioning, but not so sure it needed to be razed to the ground.
Regardless, now the vacant land is listed for a whopping $9,800,000. So is it worth that? Well, maybe... The property itself is quiet special.
440 Lake Front is one of only 14 properties that have Toronto beachfront access, and it has panoramic views of the beach and Lake Ontario.
Additionally, there do seem to be several drawings of a potential dream beach house.
The property also comes with the "build permit to custom build your exquisite dream legacy family estate," according to the listing.
Although, not everyone loves the plans that got approved. In fact, in 2019 there was some contention over the home according to a CBC article.
Also, unless that build permit includes the cost of construction, labour, materials, furnishings and everything else that goes into making a dream home come to life, there's no way this property is worth almost $10 million.
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