As the saying goes: “another man’s trash is another man’s treasure,” and that saying could not be more true than with 25 Homestead Rd. in Toronto.
This two-bedroom, one-bathroom detached house is in pretty rough shape.
From the outside it looks fine-ish, maybe a bit neglected but nothing a little lawn mowing can’t take care of.
The basement.
But then you get to the inside and, to put it kindly, it’s a horror show.
The stairs … or what’s left of them.
The walls are coming down, the ceiling is dripping insulation, there’s garbage everywhere, and it’s unclear if this home was abandoned or there was a house fire.
The kitchen.
Both could be possible as it looks like the stove exploded in the kitchen, and the fridge door has completely rusted, something which is actually quite impressive in an indoor setting like this.
Another view of the basement.
The basement has a small pond happening, yet there are shirts hanging up to dry. Make it make sense!
A bedroom.
There are rooms that are less of a disaster zone, where walls are still mostly intact and you can see a hint of hardwood floor underneath all the detritus.
More basement.
Needless to say, this house is being demolished by whoever purchases it. Practically nothing looks salvageable.
Another room.
And yet, 25 Homestead Rd. is listed for $799,000, which is actually a price increase from its earlier listing price of $699,000.
That might seem audacious to have a property sit on the market at $699,000 for almost a month without selling and then raise the price and call it an “exceptional opportunity” but they might have a point.
If you forget the tragic house for a second, the land does have significant value.
The backyard.
25 Homestead Rd. is a spacious 54 by 192-foot property. According to the listing, the City of Toronto is “enthusiastic about approving this property for a multi-unit home, along with the potential to add a large garden suite.”
The overgrown backyard.
A recent report by Residential real estate advisory firm Bullpen Research & Consulting Inc. and land-use planning and project management firm Batory Management found that, when it comes to multi-family residential properties, land developers are paying a premium for these properties in the GTA.
The front of the house.
According to the report, these types of properties are selling for an average of $106 per buildable square foot in the GTA.
The report was looking at properties that were suitable for a new apartment of four storeys or greater, but I wouldn’t be surprised if this translated to multiplexes too.
The back of the house.
So maybe 25 Homestead Rd. is an “exceptional opportunity” after all… maybe.
