Welcome to our December 2016 Home of the Month! This feature provides a snapshot of what urbaneer.com's Buyers have recently purchased in the City of Toronto.
If you're a regular reader of our blog, you know urbaneer.com helps a lot of couples climb the property ladder. Having purchased their first condominium(s) in the city core, their genuine love for the lifestyle benefits of urban living often prompts them to try secure a freehold residence in one of the many engaging family-friendly neighbourhoods which are safe, secure and offer great schools.
But it isn't always easy to find a house that offers the right balance of size, condition and location. With a scarcity of property listings in a booming city, prices keep climbing. With the forces of migration, demographics, international investment and three generations of Torontonians competing for property in the original city boundaries, demand for downtown housing far exceeds the limited supply. And when your budget is landing in the 'up-to-$800,000-ish' range, it can be a huge challenge where the supply chain for this price range is particularly tight. For these Buyers in particular there will be compromises, which we outlined in our recent 'Must Read' post called How To Search For Your Next Property Purchase.
In this month's feature, our Buyers had been living in their Junction 2 bed condominium for the past five years. Situated just steps from family, the condominium had served them well but, with a second child on the way finding new accommodations for around $800,000 was a necessity.
Like many Buyers, their preference was to stay in their neighbourhood. But The Junction has being seeing prices skyrocket this Autumn, and the price of entry is becoming cost prohibitive for many. Our Buyers – who indicated their preference was for a small detached house with on site parking – were willing to go north towards St Clair West, west to Warren Park (aka 'The Valley'), and even south-west to Mimico / New Toronto.
As we embarked on our search, our Buyers indicated they were willing to get spatially creative in an effort to secure a dwelling which didn't require significant renovation. This was, in part, because a lot of detached dwellings we viewed in the $650,000 to $800,000 range were being sold primarily as 'diamonds-in-the-rough', 'bring your contractor' or 'land value'. For all Buyers, there's something a bit disconcerting when properties in your price range are deemed better as tear-downs than being renovated. We wrote about the rise of this phenomenon last month in a post called Exploring Toronto Real Estate Property Values that shared some recent sales of properties that had dwellings considered 'obsolete'. As our Buyers viewed properties in all their preferred locations, we saw what wasn't just land value often required substantial renovations to the tune of hundreds of thousands of dollars. It was at that point our conversation shifted to how two bedroom dwellings might be converted to three.
Now, I've been reassuring Buyers for years that those with clear intentions will always find their Home. So when our Buyers reiterated – while standing in a sorry sad shack – that they'd be willing to compromise on size in order to secure something renovated, detached and with parking, it was amazing that the very next property they would walk into – located a five minute drive west of The Junction opposite coveted Humbercrest Public School north of Annette west of Jane Street – was, in fact, 'The One'.
This charming detached brick home was recently completed after a total 'basement to roof' transformation. Renovated to the studs, the majority of the building components – including plumbing, wiring, windows, roof, ductwork, hot water on demand and central air – were new (the high efficiency furnace was just 3 years old) – as were the 2.5 new washrooms and the kitchen. The space plan had been reconfigured so there was an open plan kitchen and entertainment space, which featured a walk-out to a private fenced yard. There were two bedrooms and a bath on the top level tucked under the eaves, while the main level had a separate living room – which on closing would become the Buyer's third bedroom. On the finished lower level – which boasted a separate entrance – was a rec room with kitchenette, another bedroom and a three-piece washroom.
Here are some snaps of this dwelling from MLS:
What we really value about this property – and are a trifecta to a solid future resale price – is the commitment to quality in the renovation, the dwelling's superb location directly across from the coveted school and its playground (just a short bus ride to the Jane subway station), and the fact the property has a separate entrance to a finished lower level. Even though these Buyers do not require an income supplement, we're fans of any property that offers an option to generate income. After all, if interest rates were to skyrocket, or the economy change significantly enough to impact employment, our Buyers have a means to generate an income supplement that could stave off financial duress. We've written about this in the past in a newsletter called Buy Smart Purchasing the Smart Buy.
Better still was our Buyers secured this for under list without being in competition. Offered for $789,000, this dwelling was puchased for $780,000!
Serving first, second and multi-time buyers, young families, down-scaling Zoomers, renovators and those building their investment property portfolios, our mandate is to help our clients strategically secure the best real estate on offer, while ensuring their purchase best serves their practical needs and their dream of 'Home'. We identify a property's best qualities, features and insouciant charm in the context of the future target market while meeting your own wishes, wants and desires.
If you, or someone you love, has specific real estate needs, wishes and desires, and would enjoy the personalized service of Top Producing boutique Toronto real estate outfit who subscribe to a pressure-free approach – and a specialty in unique urban homes – please know we're here to help!
~ The Urbaneer Team
earn your trust, then your business
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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Buy Of The Month