This sad Toronto bungalow is going for almost $3 million

Something about seeing a listing of neglected house gives us the same feeling as seeing someone's grandparent alone in a retirment home. 

In a way, it's sad that it used to be so full of life, but now it's just waiting to be bulldozed and turned into a new build house. Or at least that's the vibe 230 Lord Seaton Rd. gives off. 

And that's fine — it's the way of life and the nature of development. 

The family room. 

What isn't fine is that this four-bedroom two-bathroom bungalow – which has essentially been put out to pasture – is listed for an obscene $2,818,000.

The kitchen. 

"The land value in this neighbourhood starts at $2.8 [million]. The property comes with an approved architectural plan for 5,800-square-feet for a new build," ABRE Group administrator Kelly Gouveia said as a way of explanation for the pricetag. 

The laundry room. 

And sure, it is located in the St. Andrew-Windfields area, where detached homes were going for an average of $3.6 million in June 2023. 

The backyard with a shed. 

And sure, it's sitting on a well-sized 8,600-square-foot lot. 

The dining room. 

But this is the fifth time the home has been put on the market, with listing prices ranging from as low as $2,490,000 to as high as $2,890,000, without success. 

The home has parking for three cars. 

Which may indicate that they're asking too much for this house, considering once it's purchased, it would need to be demolished and re-built. 

The primary bedroom. 

And in case you weren't aware, building a new house is expensive. 

A bathroom. 

According to Altus Group, it costs between $205 to $280 per square foot for a single-family home with an unfinished basement.

Another bedroom. 

Some quick math: If you built the architecturally planned-out version that comes with the house, it would cost anywhere between $1.2 and $1.6 million.

The finished basement. 

So in order to even live on this property, it's going to cost you anywhere between $4 million and $4.4 million.

The living room with a fireplace. 

Although if we're being honest, it's going to be way more than that because that price doesn't factor in any of the other costs that come with building a house or having a finished basement.

The basement storage room. 

So with all that in mind, depending on how long you stay in the new house, you might not even see a return on your investment.

The back of the house. 

And isn't that the biggest attraction to buying property — or did we miss something?