Would you pay $1 for a century-old, 25,000-square-foot mansion that needs a little TLC?
But first you need to beat possible multiple offers over $1 million dollars from hundreds of other prospective buyers for the same property.
It is more like trying to catch a rainbow miles above your head and up in the sky.
That’s how much Toronto’s William Harris House is being listed for, in a city where the average price for a semi-detached home is closer to $1 million.
The $1 price tag sounds too good to be true and that’s because it is: The taxes on the abandoned building (a former home for single mothers that the Salvation Army purchased in the 1930s) adds up to an estimated $35,207 per year.
Using the City of Toronto’s handy property tax calculator, the more than $35,000 bill would put the actual value of the mansion at around $5 million, according to CTV News.
Despite its dilapidated condition, this way exceeds the average price of $808,000 for its Riverdale neighbourhood (which came in at 406 out of 431 in our annual ranking of Toronto ‘hoods) where the property can be found.
But as is often the case in Toronto’s booming real estate market, realtors expect the house will be sold for significantly over asking.
“We’re just putting it out there and seeing what potential it has,” told real estate agent Matthew Pringle to Metro Toronto. “There’s no point putting a certain number on it because for some people it will be overpriced and for some it will be a steal.”
Read the full post in MoneySense
