Danforth Village detached house hits market for under $ 600,000
Erin nicole davis
A total rarity for Toronto, a single-family home in Danforth Village was on the market for less than $ 600,000.
Yes, you read that right.
Located just steps from the Main subway station, the newly listed home at 101 Coleman Avenue is currently on sale for a relatively modest amount of $ 599,000. In Toronto, the average cost of a single-family home is currently $ 1,784,949, according to the Toronto Regional Real Estate Board (TRREB).
“At the time of writing there is only one house for sale Citywide between $ 590,000.00 and $ 605,000.00 on MLS, âsays Toronto real estate agent James Strathy Warren of Chestnut Park Real Estate Ltd. âSo there is very little competition.
The average home mortgage is calculated at $ 2,205 per month – a figure that probably sounds like a dream for many recent first-time homebuyers in the city (especially neighbors in Danforth Village). Surprisingly, considering its price, the two plus one bedroom home includes two bathrooms and two kitchensâ¦ and isn’t even collapsing at the seams or filled with trash either.
On the ground floor, the bright kitchen has a stainless steel stove and refrigerator, which were added in 2017. A new washing machine, dryer and hot water tank were added the same year. . In the meantime, the roof shingles were changed in November / December 2016.
Offering great earning potential, the lower level of the home features a second kitchen, three-piece bathroom, and separate entrance – space that can likely be rented out for at least half of the current estimated monthly mortgage payment. The house also has a small back patio and a private courtyard.
âIt’s a detached house with a master suite, so it’s huge today; get a detached house with a garden and maybe lower level income to help with the mortgage, âsays Strathy Warren.
While the house may not be a palace, it shines in the location department. The quiet, family-friendly neighborhood of Danforth Village is minutes from parks, schools, Greektown and beaches.
This is not to say that the property is not without its drawbacks for some home buyers: the house has no driveway and does not offer parking; intimidating steps call for a new coat of paint; and the interior could use some modern upgrades. Not to mention, having a tenant in the basement means saying goodbye to washer and dryer access (or adding them to the already cramped ground floor).
Of course you could you just have to reverse everything and start over. Even a top-notch court in Toronto for this price looks like a total score, after all. However, you are unlikely to gain a ton of additional space on the square footage front. âThis is a lovely little house on a small 28 â² x 80 â² property; that doesn’t make for a much bigger house on the footprint, âsays Strathy Warren.
Of course, given the nature of Toronto’s relentless market, a significantly higher end price would not be surprising.
- Address: 101 Coleman Avenue
- Bedrooms: 2 + 1
- Bathrooms : 2
- Parcel: 28.00 x 50 feet
- Cut: N / A
- Price: $ 599,000
- Taxes: $ 2,261 / year
- Listed By: Re / max Hallmark Realty Ltd., Brokerage
âObviously, the house is much lower than the current average price of a single-family home in the city. I suspect this will attract a tremendous amount of attention and projection, which could translate into a lot of offers, âsays Strathy Warren. “But, they better hurry because the market is calming down for the fall sales season.”
Strathy Warren says offers of bullying are likely. “But I think to get the real real value of the property, I would just have an offer date to make sure there is no more money left on the table; no bullying offers,” he said.
Erin nicole davis
Erin Nicole Davis is a born and raised Toronto writer with a passion for the city, its urban affairs and its culture.
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