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The price is low, but hopes are high

LIBAAN OSMAN

#GTAHomeHunt is a weekly series from the Star that gets into the details of real estate listings in Toronto and the Greater Toronto Area. Have a tip? Email us at social@torstar.ca

Price $799,000

Neighbourhood Toronto — Danforth

X-factor This semi-detached 3+1 bedroom home is located near the sought after Danforth neighbourhood of Toronto. It comes with three bathrooms, its own basement apartment and has great income potential and a backyard.

Just steps away from public transit, Woodbine Station is on the same street which gets an interested buyer across the city fairly efficiently.

If you’re a first-time buyer, you might be wondering, is this a good deal? We brought in our expert, real estate agent Othneil Litchmore, to gain a better understanding of why this property costs what it does.

Why is it priced this way

The home on 1010 Woodbine Avenue was placed on the market this week at $799,000. That’s considered low due to similar homes in the area selling between at least a million to $1.15 million in the last few months.

Litchmore thinks it’s starting at this price range because there are a ton of potential buyers, as it’s easier to pick a lower number and allow the market to dictate where it ends up.

A semi-detached home next door on 1012 Woodbine Ave sold for $1,085,000 million in October. Despite that home having more renovations, this property is estimated to sell for the same price range because of how the market has changed in the last few months.

During the first two weeks of January, Litchmore says there are tons of buyers looking for homes and it’s why prices tend to rise as people are eager to pay top price with the limited amount of inventory.

“If you want to sell in the first two weeks of January, I think it’s a good idea,” said Litchmore. “What eventually happens is that as spring rolls around, more homes come on the market and you’ll have more selection and a better opportunity to get in and pay a decent price.”

It’s why Litchmore says he wouldn’t be surprised if this home ended up selling for close to $1 million or even $1.1 million. The property sold for a mere $231,500 back in 2004.

“This one isn’t in the best condition, hasn’t been renovated and seems a bit cluttered,” said Litchmore. “It doesn’t show very well, but it doesn’t look too bad by the pictures.”

The home is relatively skinny with a lot size estimated at 17.75 by 100 feet. An issue some buyers may have with the home is that it’s located on the main street of Woodbine Avenue. It also doesn’t have its own garage as those with vehicles will likely need to get a parking permit.

“For whatever reason, it seems like this isn’t a very desirable spot,” said Litchmore. “The Woodbine subway also doesn’t have the same cachet as Donalds, Pape or Chester.”

With three separate entry points to the home, this could attract a first-time buyer that is looking to rent out the basement to offset their mortgage cost.

Litchmore says it may be an investment property for someone interested in renting out the top and bottom floor or even catch the eye of a flipper that’s eager to transform the home and resell it.

Tips to finding a place like this

Litchmore advises people looking to live in a specific neighbourhood to consider places that are on the “fringe” of that location, as there are similar properties that are a bit outside the area going for a cheaper price point.

“You’re still close but you’re not right there. But you could still access the amenities and all the other good stuff, you’re just not inferring those prices,” said Litchmore.

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2022-01-17T08:00:00.0000000Z

2022-01-17T08:00:00.0000000Z

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