Welcome to urbaneer.com's Home Of The Month. This feature provides a snap shot of what urbaneer.com's Buyers are purchasing in the City of Toronto.
This month we're featuring a dwelling which we consider a smart buy. Here's why. Even if your housing checklist reflects your current needs, the prudent purchaser should consider purchasing a property that can be easily divided into multi-units to help offset unanticipated expenses should circumstances change. For example, a property with a separate entrance to a finished basement with washroom can potentially accommodate a tenant. Or a house with a kitchen roughed in on the second floor can often become a duplex. Even parking spaces can be an extra source of income in demand locations. Although you may intend to occupy the entire residence, having an easy-way to generate income might be the difference of covering your debt and losing the property, should your circumstances create an urgent need for a supplementary income.
Case in point is this month's feature: a stunning three-storey semi-detached former triplex which had been de-converted by the Seller into a single family residence with two bedroom basement suite. Located in the neighbourhood known as The Annex, long a bastion for the cultural intelligentsia who celebrate its proximity to our city's finer institutions and all places fashionably respectful, this neighbourhood is deemed one of the most desirable areas to reside. We certainly understand. Located north of Bloor Street west of Spadina in the city centre, this area of Victorian and Edwardian row, semi and detached residences is refreshingly understated and nearly devoid of the pomp and circumstance of other venerated neighbourhoods. It is, however, not inexpensive by any means which, for anyone seeking turn-key vintage-charm costs can be prohibitive.
Brunswick Avenue, like much of The Annex, has a rather eclectic mix of housing and the benefit of some pretty dazzling high end real estate. This dwelling, a former five bedroom Edwardian, had undergone a series of transformations over the years, including a conversion into a luxury triplex. Some improvements were functionally appropriate, like the proper two-bedroom basement suite that was in turn-key condition and ready for tenants. Others, while lovely, were not to the taste of our clients, in particular the large laundry / utility room at the rear of the second floor. However, most of the building components were in good shape and the residence had undergone substantial renovations. The main level had a terrific living, dining and renovated kitchen, along with a three-piece washroom. The second level had a gorgeous bedroom, full bath, the oversized laundry / utility room and a large open concept space that had once been a kitchen/diner and the third floor had two oversized bedrooms with a full bath, skylights and a treetop deck. The property had two heating/cooling systems, up-to-code electrical wiring, and one car front pad parking.
Here are some pics:
Our lovely Buyers, a young professional couple who work in the financial district, had been searching for a couple of years before they were referred to urbaneer.com. During their initial search these Buyers saw prices climb ten percent. So when we began our search together, we collectively knew it was critical we focus our search on finding a property at the max of their budget which would meet their current (and future) needs.
When this residence came to market, we quickly determined this stylish impressive renovated gem ticked all their boxes! It offered plenty of space to entertain, featured soaring ceilings, four skylights, exposed brick and immaculate maple floors. It had been well-maintained, and was located just up the street from highly-coveted Sibelius Park and in proximity to Huron Street School.
Although some Buyers struggled with the open concept second floor 'family room', we considered it a great future family space. Better still, we at urbaneer.com really liked how this had been a former triplex. With the two bedroom basement suite ready to go, the main level only needed the installation of two wall and doors to create a separate luxury one bedroom suite, while re-installing a kitchen on the second level was the only requirement to create an upper two or three bedroom apartment. Even the two heating/cooling units meant one could generate a high rental offset with separate utilities, if required.
While our Buyers didn't need to divide the house back into a triplex to facilitate the purchase, we love how this can be executed at a minimum cost. If, for any reason, our clients want to reduce their overhead this option is easy-peasey. Better still, even twenty years from now if they decide to spend more time at a country home, or should they choose to relocate to another city, they can keep this property and have it generate a high income reflective of its Triple AAA locale. This makes it a smart buy!
Listed at $1,349,000, our Buyers negotiated this unique urban space for 98% of the list price.
Isn't that amazing?
At urbaneer.com, we're committed to helping Buyers like you acquiring an intelligent purchase that's just right for you. Consider speaking to us about our easy-breezy no-pressure no-hassle start to finish process. We are here to make your dream of home come true.
~ Steven and the urbaneer team
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Buy Of The Month