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Price: $1,999,999
Piece: Junction area
X factor: At 81 St. John’s Rd. is a large 2.5 story triplex with six bedrooms and three bathrooms. The century-old brick home covers 2,516 square feet, according to the listing, and the front lot is 40 feet wide.
Nearby is plenty of greenery, including High Park, as well as schools, restaurants, and grocery stores. Additionally, several TTC buses run in the area and Runnymede station is a short drive away.
But built in 1891, the building is showing its age and much of the structure appears to be in poor condition. So, is it really worth $2 million in today’s market? We speak with real estate agent Othneil Litchmore for an overview.
Why is the price like this?
“This is being sold as prime real estate in an obviously very affluent neighborhood,” Litchmore said, “That’s why you can ask ($2 million) for something that needs (so much) work.”
The house is also particularly spacious for the area, he said, noting that it has a private driveway. Also, unlike many homes this old, it is heated with natural gas rather than fuel oil, he added.
However, getting the house back to decent condition would cost hundreds of thousands of dollars, Litchmore said.
According to Daryoush Fattaei, owner of local construction and renovation company iRemodel, a buyer looking to upgrade the building could rack up a bill of around $500,000.
Just replacing electrical wiring and drywall in a home of that age and size would cost at least $250,000, he said.
“It’s really a big project,” added Fattaei. “(To redo) the floors, the drywall, the ceiling, the lighting, the bathroom, the kitchen – it’s about half a million dollars, to be more realistic, depending on what finish you want .”
The announcement, available since early October, calls on “entrepreneurs, developers (and) investors” to take note.
If a buyer wants to turn the triplex into a rental, however, Litchmore said he “can’t see an investor coming in and thinking he can get the rent to cover his costs.”
However, it is “highly possible” that a homemade pinball machine is interested. They should spend about two years on the process, Litchmore said.
“If they have the funds, they could spend time renovating and then sell in a year or two when the market recovers,” he said. “The end user should be a luxury customer.”
But citizens would likely protest if developers moved in to demolish the house, he added. A filing from the Architectural Conservancy of Ontario, meanwhile, lists the neo-Queen Anne house as “at risk.” The group, which supports “conservation advocacy through public education,” according to its website, says the description of the listing is concerning.
“(The building) has been in a dilapidated state for a number of years… Steps should be taken to ensure that 81 St. John’s Rd. is not lost to demolition in the future “, indicates the file.
To get a better idea of whether the home could actually sell for its listed price, Litchmore compared the home to another detached home in High Park North that recently sold for $2.1 million after just four days. on the market. It’s a five-plus-den house at 42 Glenlake Ave., which isn’t as big as the one on St. John’s Road, but it’s move-in ready, Litchmore pointed out.
Since Aug. 1, the average selling price for homes with more than four bedrooms in the area has been $1.5 million, Litchmore said. This means for him that – given the uniqueness, size and location of the house – the list price is “probably not far off” from what it might sell for.
The triplex was nearly sold in April, Litchmore noted, but the deal fell through, according to listing history. It shows the house was listed for around $1,850,000, but does not reveal the amount offered by the buyer.
Litchmore said the deal could have failed for a number of reasons. Listing agent Joe Picozzi did not respond to a request for comment from the Star in time for publication.
The house was relisted on October 5 for $2,165,000. The price dropped to $1,999,999 on Monday.
Litchmore said the home will sell “as long as the seller is motivated,” which could include a price reduction.
“I think anything over $1.5 million is possible,” he concluded.
That being said, the home might be a better fit for a buyer interested in having a multi-generational home, where various families live under one roof, Litchmore said. Alternatively, someone could turn the triplex into a single-family residence, Litchmore said.
Any other tips for those looking for places like this?
People looking for century homes in the city will find more affordable options farther north of the junction, Litchmore said, around the Rockcliffe-Smythe neighborhood or up Eglinton Avenue West.
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