Real Estate

What's wrong with this house? $399,999 in Toronto , on the danforth, 3 min walk from Subway station.

  • Last Updated:
  • Aug 6th, 2018 4:16 pm
Deal Expert
User avatar
Jan 27, 2004
52935 posts
18144 upvotes
ONTARIO

What's wrong with this house? $399,999 in Toronto , on the danforth, 3 min walk from Subway station.

https://www.realtor.ca/Residential/Sing ... 1-Oakridge

Whats wrong with this house?
This little pocket of the danforth always seems to have houses for under $500k... an extreme rarity in Toronto. And no this is not jane and finch, or malvern.
Its actually a 3 minute walk to the subway station according to google.
Also a 2 minute walk to banks, grocery, doctors etc... It has a walk score of 90.
43 replies
Deal Addict
Dec 18, 2006
2010 posts
417 upvotes
Markham
UrbanPoet wrote: https://www.realtor.ca/Residential/Sing ... 1-Oakridge

Whats wrong with this house?
This little pocket of the danforth always seems to have houses for under $500k... an extreme rarity in Toronto. And no this is not jane and finch, or malvern.
Its actually a 3 minute walk to the subway station according to google.
Also a 2 minute walk to banks, grocery, doctors etc... It has a walk score of 90.
Nothing is wrong with it. It's listed with an offer review date of tomorrow (May 8th) so chances are they expect multiple offers as they have listed under market.

Good luck!
Jay Rana | 🌱 the vegan realtor
Broker, CENTURY 21 Titans Realty Inc. Brokerage
Banned
User avatar
Jun 8, 2008
3977 posts
1423 upvotes
Toronto
It backs onto a scrap heap and a railway line. The house itself is probably fine, the quality of living there might not be as wonderful as some other neighbourhoods.
Deal Addict
Apr 5, 2009
1241 posts
452 upvotes
Nothing really standing out with the price. Comparibles sold very recently in this area... I remember looking at 12 Lucy Ave not too long ago (detached bunaglow which was listed at the same price $399K)

12 Lucy sold for ~550K: https://www.mongohouse.com/soldrecords/ ... c3e91e6d86
33 Lucy sold for ~480K: https://www.mongohouse.com/soldrecords/ ... e95f2eb205

33 Lucy is a semi as well where as 12 Lucy was a detached which looked decent in photos.
Banned
Aug 28, 2017
301 posts
366 upvotes
Backs on the train tracks....

Also, it will probably sell for around $500k, which is what the comparables sold for.

So to answer your question, nothing is wrong with it and it wont be sold at $399k
Banned
Aug 19, 2016
1903 posts
762 upvotes
I hate this tactic. I wish there comes a day where the person who list under the market has to accept at least 1 offer that is on par or above the asking price. So $399,999, offered $400,000. No backing out for the seller.
Deal Expert
Feb 22, 2011
16517 posts
21855 upvotes
Toronto
CollegeGraduate wrote: I hate this tactic. I wish there comes a day where the person who list under the market has to accept at least 1 offer that is on par or above the asking price. So $399,999, offered $400,000. No backing out for the seller.
Wouldn't really matter, list price conveys a message based on a common understanding. People know it's being listed low for bid wars. In your scenario people could just post everything for 9,799,999 and everyone could understand they are actually listing it for 799,999.
Deal Addict
Mar 14, 2006
2290 posts
2343 upvotes
Toronto
Sometimes properties are set real low so that they can generate a bidding war!1
Deal Expert
User avatar
Aug 2, 2010
15196 posts
5016 upvotes
Here 'n There
And then there was the case of the guy who listed his house for $1 and sold for $2.1M.

Asking price means nothing.
Banned
Aug 28, 2017
301 posts
366 upvotes
CollegeGraduate wrote: I hate this tactic. I wish there comes a day where the person who list under the market has to accept at least 1 offer that is on par or above the asking price. So $399,999, offered $400,000. No backing out for the seller.
LOL ok...lets start telling people what they have to sell their own property for...that sounds realistic....

Most people making these large decisions do their homework and look at comparables...list price means nothing
Banned
Aug 19, 2016
1903 posts
762 upvotes
Rocko24 wrote: LOL ok...lets start telling people what they have to sell their own property for...that sounds realistic....

Most people making these large decisions do their homework and look at comparables...list price means nothing
Stop listing them under the market to attract eyes, and waste of time for home seekers.
I usually skip those ads and just move on to the next one that is reasonably priced.
List too high, no go either.
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
While I would also like to see some regulation behind the tactic, the government is not in the business of dictating to anyone what they can sell their product for. If they did that with real estate they'd also have to extend it toward privately sold used cars, electronics- phones; computers, furniture and everything consumers advertise for sale. I doubt very much you would want to be told what you can sell your used anything for.

On the other side of that coin, if you're opposed to the underpricing strategy then how about the government also making it illegal to lowball - sounds fair right?

Who would decide if a property is very under or overpriced since buyers do not ever form a consensus on a property's value?

And where are the terms in your scenario in that what stops your one buyer who by default won from offering up all terms unsuitable to the seller?

It needs to be understood that there's no right or wrong answer when it comes to the price a property will ultimately sell for.
CollegeGraduate wrote: Stop listing them under the market to attract eyes, and waste of time for home seekers.
I usually skip those ads and just move on to the next one that is reasonably priced.
List too high, no go either.
Last edited by licenced on May 8th, 2018 1:43 pm, edited 1 time in total.
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
OP, the area is not exactly known as one of the better neighbourhoods. It's not as bad as the reputation it had decades ago but people generally don't have it at the top of their list either.
Deal Expert
User avatar
Jan 27, 2004
52935 posts
18144 upvotes
ONTARIO
licenced wrote: OP, the area is not exactly known as one of the better neighbourhoods. It's not as bad as the reputation it had decades ago but people generally don't have it at the top of their list either.
YEah thats true. Lots of bums and crack heads in the area.
It is a 'poor area'. But with great amenities... I admit areas like this have a good bang for your buck... 3 minute walk to Victoria PArk Subway station? Thats fine by me... You don't have to cut through any alley ways either. All main streets.
Sr. Member
User avatar
Jan 21, 2017
988 posts
339 upvotes
1) it is in a pretty sketch area.
2) house is pretty small
3) basement is very very short in terms of height. I can barely stand straight and I am not even 6.
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
One of those areas that will be gentrify down the line - whoever buys this will be laughing to the bank 20 years from now.
Sr. Member
User avatar
Jan 21, 2017
988 posts
339 upvotes
Sanyo wrote: One of those areas that will be gentrify down the line - whoever buys this will be laughing to the bank 20 years from now.
What makes you think so? Not disagreeing. Just curious. What are the factors of gentrification?
Deal Expert
User avatar
Apr 21, 2004
58648 posts
24637 upvotes
13 feet frontage can house a two-car garage, can't it?

Top