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
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
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- This bungalow was renovated by a group of trainee house flippers.
- (Image: Nicholas Theodorou)
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- There are two bedrooms on the main floor, and another two in a separate suite in the basement.
- (Image: Nicholas Theodorou)
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- Here's the main-floor master bedroom.
- (Image: Nicholas Theodorou)
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- And the master bedroom's en suite bathroom.
- (Image: Nicholas Theodorou)
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- The sellers carved out every last bit of available window space, giving the open-concept interior an airy feel.
- (Image: Nicholas Theodorou)
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- The bedrooms hide behind sliding barn wood doors.
- (Image: Nicholas Theodorou)
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- A better view of the kitchen.
- (Image: Nicholas Theodorou)
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- The second bedroom is pretty dinky, but that's what Murphy beds are for.
- (Image: Nicholas Theodorou)
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- And here's the main bathroom.
- (Image: Nicholas Theodorou)
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- The basement has a separate suite that could be rented out for a little extra cash.
- (Image: Nicholas Theodorou)
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- Here's the basement kitchen.
- (Image: Nicholas Theodorou)
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- And there are two bedrooms down here, too. Here's one.
- (Image: Nicholas Theodorou)
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- And here's the other.
- (Image: Nicholas Theodorou)
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- And here's the backyard.
- (Image: Nicholas Theodorou)
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![](http://www.facebook.com/sharer.php?u=https://torontolife.com/real-estate/sale-of-the-week-189-woodmount-avenue/&title=Sale of the Week: the $800,000 East York bungalow that offers a lesson in flipping homes&picture=https://torontolife.com/wp-content/uploads/2015/04/toronto-sale-of-the-week-189-woodmount-avenue-intro.jpg&description=[caption id="attachment_312182" align="alignnone" width="656"] (Image: Nicholas Theodorou)[/caption]
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
[gallery columns="6" ids="312157,312158,312159,312160,312161,312162,312163,312164,312165,312166,312167,312168,312169,312170"]){kind=link}
bad layout.
Yes bad layout plus the rental unit is pretty close quarters to an already cramped first floor.
Hooray! Some people learned how to fuck up the market for new home buyers for fun and profit!
instead, the seller should’ve taken the lowest offer so you too can afford a home?
Bud’s going to ask his employer for less money so his employer can give me the difference to buy a house like this one. Thanks oh so caring-generous Bud !!!
I live two blocks from this house. The potential market price of my home has doubled in the time I’ve lived there.
I’ve seen a lot of homes in the neighbourhood transformed from affordable family dwellings into some very nice homes, and some very expensive-looking slap-dash renos.
Perhaps I’ve just a bad taste left over from the person who flipped my neighbour’s house – she was a vulgar, nasty piece of work.
If you didn’t buy because you could not afford it then, meaning when you moved into the area, it is only going to get worse.
That said this home is not worth the price to which it was paid for therefore you can still going a good deal in that area.
Or, move out of Toronto?
East York is a hole
$500 per sq ft. Still reasonable by Toronto standards…
Why?
Except that usually the basement even if it’s finished isn’t counted towards total square footage.
Housing prices in Toronto are a joke at this point but you don’t have to be there if you don’t want to or can’t afford it. That’s capitalism for you!
East York is really nice if you’re looking for more of a quasi-suburban feel. I like it a lot. No neighbourhood is going to satisfy everyone.
If there’s no separate entrance to the basement, do the tenants walk through your living room to get to the basement stairs? Seems like a terrible arrangement.
CLASSIC!!!
Why do you say that? I lived in the Annex for many years and loved it. Moved to East York and love it too.
Is Toronto Life getting it’s houses from the Mash now?
East York: The schools rank very low. Young couples should be cautious unless they don’t mind moving and paying real estate taxes and fees again in a few years.
It is bleak, lifeless and dull, therefore affordable.
Comparing you pay $600,000 to buy a 900 sqf condo in DT. You pay $200,000 more for extra 600 sqf and you own the land! On top of that, people want to avoid the hassle to renovate themselves,and that’s not cheap. Not mentioned investing in detached house is way better than current condo market
Actually there is a separate entrance – if you notice the picture of the back of the house, the door on the right is the entrance, there are stairs on that side of the deck as well.