Quote:
Originally Posted by bizaro86
Whoever valued it at $400,000 was painting a bit of a rosy picture I'm afraid. Why wouldn't a buyer buy http://www.realtor.ca/PropertyDetail...dKey=933755975
or http://www.realtor.ca/PropertyDetail...ey=-1773488977 instead? These equivalent houses are listed at 338k and 354k. Keep in mind those are list prices, not sales prices. So if equivalent houses are available for less, that's what his is worth as well.
I think doing that reno is actually a really bad idea. You're basically ripping down a house which has value. Why not sell what he has now and buy something that meets their needs? For example, this 1500 sq ft bungalow in Thorncliff is 445k. Sell the existing house, buy this one and do a cosmetic reno. That would be a way cheaper way to upgrade.
http://www.realtor.ca/PropertyDetail...Key=1657833150 |
the last house is just down the block but has a east face backyard so it is wrong for outdoor entertaining (sorry should have mentioned that)
it is also on a busier street, the alley is not paved, and it is not that much nicer than the current house.
I like the thought though.
thanks