/
1x
Advertisement
Proudly Canadian, obsessively Toronto. Subscribe to Toronto Life!
Real Estate News

Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes

By Nicholas Mizera
Copy link
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
(Image: Nicholas Theodorou)

Address: 189 Woodmount Avenue Neighbourhood: East York Agent: Andrei Angelkovski, Re/Max Ultimate Realty Inc., Brokerage

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:

• $800,000 • 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

Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes
Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes

NEVER MISS A TORONTO LIFE STORY

Sign up for This City, our free newsletter about everything that matters right now in Toronto politics, sports, business, culture, society and more.

By signing up, you agree to our terms of use and privacy policy.
You may unsubscribe at any time.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Advertisement
Advertisement

The Latest

A gold-medal Olympian dancer is breaking at Scarborough Town Centre this weekend
City News

A gold-medal Olympian dancer is breaking at Scarborough Town Centre this weekend

Inside the Latest Issue

The June issue of Toronto Life features our annual ranking of the best new restaurants. Plus, our obsessive coverage of everything that matters now in the city.