Sale of the Week: the $1.2-million Bedford Park teardown
Address: 369 St. Germain Avenue
Neighbourhood: Bedford Park
Agent: Andre Kutyan and Robert Greenberg, Harvey Kalles Real Estate Ltd., Brokerage
The Property: This well-maintained Bedford Park home is on a lot about 40 feet deeper than the area average, making it perfect for major renovations or new construction.
The History: The seller, a 94-year-old woman, bought the home in 1964 for about $18,000. Nothing much has changed since the place was originally built in 1922. Along with original leaded-glass windows and wood floors, the home still has knob-and-tube wiring and a cast iron boiler in the basement.
The Fate: The buyers are a family with kids. They plan to tear 369 St. Germain down and build a larger home in its place. Like many older Bedford Park residences, the actual structure’s value was eclipsed by the value of the land it sits on.
The Sale: When the seller began receiving unsolicited million-dollar offers, she decided to consult with an agent. He listed low, hoping Bedford Park’s shortage of buildable properties would spark a bidding war. The tactic earned the home 21 offers in six days. The sale set a local record for a teardown of its size when it closed for $1,208,000, surpassing expectations.
By the Numbers:
• $1,208,000
• 135 per cent of list price
• 93 years old
• 25-by-150-foot lot
• 21 offers
• 6 days on the market
• 3 bedrooms
• 1 bathroom
• 1-car detached garage
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- This house was purchased in 1964 for around $18,000.
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- The interior is dated, but the new owners probably aren't worried about that. They're planning on tearing the house down.
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- 1200
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- Here's the living room.
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- 1200
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- And the dining room.
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- The view toward the kitchen.
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- The kitchen is tiny by today's standards, and they don't make appliances in those colours anymore.
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- There are three bedrooms on the second floor. This is one of them.
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- Another bedroom is being used as a family room.
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- The basement is pretty...vintage.
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Address: 369 St. Germain Avenue
Neighbourhood: Bedford Park
Agent: Andre Kutyan and Robert Greenberg, Harvey Kalles Real Estate Ltd., Brokerage
The Property: This well-maintained Bedford Park home is on a lot about 40 feet deeper than the area average, making it perfect for major renovations or new construction.
The History: The seller, a 94-year-old woman, bought the home in 1964 for about $18,000. Nothing much has changed since the place was originally built in 1922. Along with original leaded-glass windows and wood floors, the home still has knob-and-tube wiring and a cast iron boiler in the basement.
The Fate: The buyers are a family with kids. They plan to tear 369 St. Germain down and build a larger home in its place. Like many older Bedford Park residences, the actual structure's value was eclipsed by the value of the land it sits on.
The Sale: When the seller began receiving unsolicited million-dollar offers, she decided to consult with an agent. He listed low, hoping Bedford Park’s shortage of buildable properties would spark a bidding war. The tactic earned the home 21 offers in six days. The sale set a local record for a teardown of its size when it closed for $1,208,000, surpassing expectations.
By the Numbers:
• $1,208,000
• 135 per cent of list price
• 93 years old
• 25-by-150-foot lot
• 21 offers
• 6 days on the market
• 3 bedrooms
• 1 bathroom
• 1-car detached garage
[gallery columns="6" ids="307935,307936,307937,307938,307939,307940,307941,307942,307943"]){kind=link}
So sad to see all these old homes being torn down. The house is quite dated but it has a lot of potential and you could do a lot with it.
1 bathroom?!?
Agree. All these great old homes being torn down to shove in another cookie-cutter McMansion. Toronto doesn’t value it’s architectural history. I see the same in Don Mills – all those great MCM homes razed to the ground to shove in someone’s ego boost 1/16th of a French chateau.
It’s not sad. Here’s a reality check. I just renovated my 100 year old “character” home. It needed to be gutted to the brick. Major cracks in foundation and brick to let in Toronto’s finest vermin, rotting wood behind plaster walls holding up the house. Lead paint and pipes, asbestos, mould, crooked foundation, crooked windows that let in half of winter and doors (interior and exterior) that won’t shut properly anymore, old wiring, no insulation. Tiny bathrooms and closets. Oh I could go on and on but these old homes are hell holes and basically unsafe. Don’t forget $$$$$$ to renovate.
Found a house and negotiated a purchase for my client a few doors down from this last year. He was looking for something that would go up in value in the short term. Looks like he made a good investment!
I love it when my clients make money:)
A monkey would have made money in this neighbourhood!