27 Shudell Ave., Toronto
Asking price: $1,368,000 (November, 2021)
Selling price: $1.33-million (November, 2021)
Previous selling price: $500,000 (December, 2016); $208,000 (February, 2006)
Taxes: $3,300 (2021)
Days on the market: 15
Listing agents: Bill Thom, Re/Max Realtron Realty Inc., and Guo Jian, Real One Realty Inc.
The owner of this more-than-50-year-old bungalow on an 18-by-113-foot lot decided to sell the property after seeing a neighbouring house fetch $1.355-million in October, though it was a three-storey house on a wider, 25-foot lot. Looking for a similar payout, the seller set the asking price at $1.368-million and walked away with $1.33-million in November.
The potential to demolish the existing structure and rebuild played into the property’s value, agent Bill Thom said. “We certainly did very well because there was nothing on the market and the buyer wanted the lot.”
“Just when we were selling, there was a house – built on exactly the same [size] lot – and it sold for about $2.5-million, so that encouraged the buyer.
“If you can build a 2,400-square-foot home – which may cost $700,000 to build – if you do the math, that could be a $400,000 to $500,000 profit.”
What they got
This two-bedroom bungalow has a traditional layout with a formal living room and a separate kitchen outfitted with ceramic finishes and sliding doors to a south-facing deck, shed and parking.
The lower level is a self-contained apartment with two bedrooms, an open recreation area and kitchen.
The agent’s take
“It’s on a quiet street, and it’s within walking distance to the subway near Jones and Danforth [avenues],” said Mr. Thom.
“The house itself is livable and rentable if somebody didn’t want to build right away.”
The property value could also be enhanced with the addition of a garage. “It has access to a laneway and it’s wide enough to build a double-car garage,” Mr. Thom said.
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