#GTAHomeHunt is a weekly series from Star that delves into the details of real estate listings in Toronto and the Greater Toronto Area. Have a Tip? email us [email protected]
neighbourhood:ajax — southeast
X Factor: Near Ajax City Center and overlooking Lake Ontario, this bungalow is the neighborhood’s cheapest detached house currently on the market, under a million dollars. It has also been listed for about three weeks.
With two bedrooms and one bathroom, it could be ideal for first time home buyers and developers who see potential in the property, as it has a colossal size of 76-by-147 feet.
If you are a first time buyer, you may be wondering, is this a good deal? We’ve brought in our expert, real estate agent othneel lichmore, to gain a better understanding of what this property is worth.
why is it priced like this: The home of 76 Kings Crescent is currently priced at $779,000, but it was lowered from its original tag of $799,000. However, Lichmore says the property is still more of a similar home. Around the corner Sold for $730,000.
Selling this home would need to reduce its price tag by an even lower $700,000, says Lichmore. Another indication of why it costs more is that a larger house 4 One Road — which has a spare bedroom — sold in September for $775,000.
“Who would pay $779,000 for this tiny[house]at Ajax? I mean, it’s cute, but it’s $779,000 for two bedrooms and one bathroom. That’s crazy,” Lichmore said.
The house has been sold twice in the last three years. In 2018, it was bought for just $505,000 and sold for $630,000 in September 2020.
“They think they can charge more than the $150,000 they paid for it a year ago. It’s insane,” Lichmore said. “Someone will buy it for $720,00 or $730,000 in a second. Nobody wants to pay $780,000 for it.”
The bungalow was once very popular at Ajax, but is now an “anomaly”, Lichmore says, as the city is flooded with new townhomes and brick houses that have at least three bedrooms and are two storeys high.
Having access to transportation, lakes, schools, shopping and recreation centers has the potential to support a family, but Litchmore says the city has better options.
“I think it would be hard to find someone who would bring their young family to a house like this in Ajax,” Lichmore said. “Most of the people who come to Ajax, they are coming to a new home and a home with space and a community where they can raise their families.”
For the price, Litchmore doesn’t think it’s attractive to a specific demographic, but could be for someone who wants to buy it as a rental property. Lichmore says that in the future the property may expand to become multiple townhouses due to its large size, but it doesn’t appear that the particular neighborhood is developing yet.
Tips for finding such a place: You might be looking for older homes in new neighborhoods to land something like this, says Litchmore.
While these homes may be older, it is of interest to buyers because it is relatively close to nature, while still having quick access to the Ajax Go train in Toronto and transportation along Highway 401.