Time to invest in red-hot Annex real estate?
A big Victorian home on a signature street? Yes, please.
This Victorian garnered two offers and sold for below list price
List price: $2.399 million
Selling price: $2.15 million
Days on market: 14
History: Sold for $1.65 million (2016)
This multi-unit home on Brunswick Avenue in the midst of renovations sold for more than $2 million after two weeks on the market. Roman Gofman, a realtor with Forest Hill Real Estate, chats with Post City about 410 Brunswick Ave.
It’s three units and a great location, so it’s a really good investment. The interior was under renovation when the owners decided to sell, so the major draw was definitely the location. It also has great upside. Once the renovation is done, which will cost about $200,000, the price will increase by $500,000. The owners are upgrading everything: new appliances, painting — just overhauling it completely.
It’s the Annex, so it’s obviously a great area. The house is walking distance to Bloor Street and Yorkville, really to everywhere. It’s also close to the University of Toronto, which is a big selling point. There are plenty of shops and restaurants around there, so it’s really attractive from a walkability standpoint. This kind of sale isn’t average for this area, but the prices are going up monthly. The area is really starting to boom now.
What went down?
Two offers actually came in at the same time, and they started competing. The seller decided to take one of the offers. The difference between the offers was marginal.
Who bought it?
A young family bought it to live in and use as an investment property.
The market will continue to go up in the Annex after this sale. It will help to take the neighbourhood to the next level.