Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
The Property: This open-concept bungalow has a loft-like design, accented with doors and finishes made of reclaimed barn wood. An abundance of skylights and windows brings the outside in. The basement has its own kitchen, meaning it can be used as an income suite.
The History: This post-war bungalow’s extensive facelift was a final project of sorts for a class of 15 prospective house flippers taught by expert Jeff J. Reed.
The Fate: The property went to a young couple, and they’re not the only ones buying flipped properties in this part of town. Thanks to East York’s relatively affordable prices, the area is a hotspot for builders and renovators. This has resulted in an average 10 per cent growth in area home values year over year, according to the selling agent.
The Sale: The sellers expected the home to sell for around $800,000, but listed it for $649,900 in the hopes that buyers, enticed by the possibility of rental income from the basement unit, would be willing to pay a little extra. There were almost a dozen bully offers, but the sellers stuck to their strict review date and accepted the best of 11 formally registered bids.
By the Numbers:
• 1,600 total square feet, approximately
• 123 per cent list price
• 15 student house flippers
• 11 formal offers
• 8 days on the market
• 2+2 bedrooms
• 3 bathrooms
• 1-car parking
• 1 self-contained basement suite