Sale of the Week: the $1.4-million Yonge-St. Clair property that proves two houses are better than one
The Property: Don’t let the two separate addresses fool you: these two homes make up a single property, hidden on a laneway behind some of the Yonge-St. Clair area’s toniest homes. The two-storey, loft-style one-bedroom at 93A Balmoral measures in at 1,570 square feet, including the finished lower level. Facing it is 95A Balmoral, a one-bedroom bungalow with 655 square feet of living space. Both buildings have been extensively renovated inside and out.
The History: As far as the selling agent knows, two structures were built at this location around the turn of the century. Their original purpose was to house communal stables and their caretaker. 95A was the caretaker’s home, while 93A was the site of a barn that was replaced in the 1970s by the current two-storey structure. The investors who sold the homes modernized their interiors and mechanical systems before putting them on the market.
The Fate: The buyer was particularly drawn to the property’s unique two-home layout, which can be used to house extended families (or maybe an underemployed adult child). This is also a good rental setup. The buyer could live in one building and lease out the other.
The Sale: The two-home situation made this property a tough sell. A few prospective buyers attempted to purchase one of the pads, but not the other, and some families seeking a more traditional living situation were turned off by the split estate. Even so, its quirkiness appealed to the buyer. The sale closed at $1,440,000 after 15 days on the market. Over the course of the one and a half years prior, at least two other agents had failed to sell the property for significantly higher prices. It had been listed at $1,595,000 and up.
By the Numbers:
• 96 per cent of list price
• 15 days on the market (for the most recent listing)
• 4 total parking spaces
• 3 total washrooms
• 2+1 total bedrooms
• 2 separate homes
• 2 different addresses
• 1 property