Sale of the Week: The $1.7-million ex-bungalow that shows the economics of flipping a house on Bloor West
A renovated former bungalow that took a couple tries to resell.
Here’s the living room:
The dining room:
And the kitchen:
There are three bedrooms on the second floor. Here’s one of them:
And here’s the master bedroom:
The master bedroom’s ensuite bathroom:
The basement is finished:
And here’s the backyard:
The sellers, a husband and wife team, bought the 90-year-old bungalow in 2015 specifically to gut and flip it. They added a second story and redid the interior completely, even digging out the basement so they could add two extra bedrooms. About $400,000 later, they were ready to list.
The buyers are a large family who had been searching for a spacious home for quite a while. They liked that the basement bedrooms were roomy, with built-in closets and a new bathroom.
Here’s one basement bedroom:
And here’s the other:
The house was originally listed last November, but the federal government’s new, tighter mortgage rules made for a nervous market. The sellers pulled the listing and waited until this spring. The wait paid off: after 53 showings, there were 16 offers. The sellers chose the winning bid on the first round: $452,000 over asking, with a speedy, 30-day closing.
By the numbers
• $3,626.45 in taxes (2016)
• 2,736 square feet
• 7 days on MLS
• 5 bedrooms
• 4 bathrooms