A game: guess that house price (before the bubble bursts!)
Renovator's special in what you might call "upper" Little India in Toronto. Completely gutted and with new footings, according to the MLS ad. In a comfortable inner ring residential area that is typical Toronto: a bit shabby-looking, and nothing to set an urbanist's heart aflame, but just down a ways from one of this continent's most fantastic commercial streets, Little India on Gerrard (probably has little to no bearing on the price of the house, though).
http://i81.photobucket.com/albums/j2...y.jpg~original https://www.google.ca/maps/@43.67523...8i6656!6m1!1e1 How much do you think it's listed for? Don't cheat. The closest guesser within $10,000 wins 15 million internet simoleons and the right to post the next house. (Just go to mls.ca, save a photo of the house in question to your hard drive, upload it to your image host of choice (photobucket, flickr, etc.) and then post a link to said image in your post). |
1.3 million?
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Too warm.
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Gutted? $985,000.
Just so it's in the six figures... y'know, basic marketing. "Just down a ways from one of this continent's most fantastic commercial streets, for... not even one mere million! Hurry before someone else snaps it up!!!" |
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On the other hand, I've always said that it would be smarter to do total rehabs in, say, the nicest areas of places like Manhattan or San Francisco (provided you have of course the required capital to start with), since most of your investments are identical (your time and the material needed) but the jump in value from trashed to rehabbed is going to be a much bigger absolute number of dollars.
I don't really do total rehabs anymore, but if I did in a Canadian context, this POS would probably make sense, even if the asking price seems outrageous at first sight. (Unless I'm really unlucky on the timing and the bubble pops right during the time I'm fixing it up, but I honestly expect more of a slowing down then mild deflation, we'll all see it coming IMO.) |
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My guess, is $750-$800k because it's gutted. Otherwise, I would have said $1 million.
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BTW, architecturally, the thin bland pillars and the incorrectly-mansarded second story are real turnoffs. The colors suck as well.
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This area is probably the equivalent to Grandview/Woodlands (which is centred around Commercial Dr.) in Vancouver. If it's close to 1.3 that's pretty much on par with Vancouver, where housing prices are supposedly much higher.
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Your turn. |
Oh. I thought too warm meant very close. Ok Vancouver much more expensive.
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I'll let someone else take my turn.
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For some reason I was using warm to mean "too high" and cold to mean "too low." Call it a brain spasm. |
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This very nice condo, right next door to the Château Frontenac in the walled Upper Town.
https://www.google.com/maps/dir//46..../data=!3m1!1e3 Pics from the MLS will be up in a minute or so... |
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