Interesting Real Estate Strategy

[c9]

Found on MLS:

*Prime Eglinton S/Allen Road! *Choice 27.37X125' Lot In Most Sought After Redevelopment Area! *Property Being Sold As Land Value+In As Is Condition! *No Showings Of Existing Home! *Walk To Subway,Shops+All Amenities!

Comments

[sassy-red-head.livejournal.com]

*No Showings Of Existing Home!

Crazy much?

[miket61.livejournal.com]

Since it's a teardown, the "no showings of existing home" would make sense - they don't want you to WANT what's there now.

I assume this is in TO? What's that part of Eglinton like?

(Big red flag - 27 feet wide? Is the are amenable to a semi-detached or townhome, or would you need to give up three feet or so on either side for alleys?

[c9.livejournal.com]

Yeah, TO. Not a horrible area I don't think, but I don't know the neighbourhood at all. Maybe a murder happened there? :)

The house is completely detached, so yeah, an alley on one side and a drive on the other. Not huge, but not tiny. It would never fit in in Atlanta. :)

[canuckboy.livejournal.com]

It's literally on the wrong side of the tracks. It's funny how the subway along the Allen cuts Forest Hill into those figurative sections. I think it's still in an OK part of town, it's not far enough east to be concerned. The good news is you'd be one street south and two streets west of the cop shop.

Need me to check out the house for you? ;)

[c9.livejournal.com]

Not necessary, thanks. :)

[miket61.livejournal.com]

There are quite a few normal houses in Atlanta, mainly because most people have not had the good fortune to be impregnated by a rap star or professional athlete.

I think our house is about twenty-five feet wide, but it's semi-detached. There's four units in the block, but we've got an end unit.

My only knowledge of Eglinton is the little area around Yonge - I bought a tie at the Eaton's outlet and a coffee mug at the Starbuck's. And that's where some girl allegedly died from cyanide poisoning from licking a tainted ATM deposit envelope. Which certainly isn't true, because each successive version of the story has the victim going through more extended histrionics while allegedly dying from a very quick-acting poison.

[simplisticton.livejournal.com]

How odd, we looked at a house in a similar condition yesterday. Our real estate agent kept saying "keep an open mind", but I was thinking, "tear the sucker down".

It's on a two acre lot.

Downtown.

Across from Wilmot park.

The land alone is worth $200K.

[c9.livejournal.com]

Two acres? Wow. Some friends of ours here (two different couples actually) have purchased old, fairly run-down homes and torn out everything but the bricks, one floor at a time, to rebuild. It would be frustrating to be in such a state of disarray for two years plus, but the places are starting to look great. It's tempting.

[simplisticton.livejournal.com]

Yeah, it's gigantic, especially for downtown (where a lot of places don't have *any* yard... this place has an extra one). The previous owners had a full garden in the back -- we could survive the rapture by growing our own food.

The house is in too bad of shape to even consider living in, even temporarily. At least for me.

Also tempting is that the lot is big enough that we could actually put townhouses on it. Major income potential. Very,v very tempting.

[primary-suspect.livejournal.com]

Damn, a single house costs helluva $$$ but building townhouses, that would be maga $$$ no? Obviously if you rented them out/sold them you could make lots of money but until then that would be quite the "mortgage" wouldn't it?

[simplisticton.livejournal.com]

My bad, apparently the lot isn't 2 acres, it's a 1/2 acre (typo on the listing sheet?) still, large for downtown and definitely a good size for development.

If we were to decide to buy it, it'd be a joint venture between us and Jackie's parents. Not that that doesn't carry it's own risk...

[egregiousness.livejournal.com]

Years ago (decades, I think), Toronto expropriated a bunch of properties in anticipation of continuing the construction of the Allen Expressway south from Eglinton to the Gardiner. The construction was blocked and the plans eventually abandoned, but it wasn't until recently (a couple years ago, I think) that the properties were actually put out for resale. I wouldn't be surprised if they had been tied up in legal challenges since then...

That said, I'm not sure if this is one of those properties, but it is certainly in the right geographic place.