It’s no surprise that buying a house in Toronto is expensive, which means seeing pretty average homes go for obscene amounts of money is nothing out of the ordinary.
In fact, it’s a running joke on the internet that you can buy a castle in Europe for the same price as a basic home in Toronto.
So the fact that 56 Roxborough Dr. is listed for $5,700,000 and doesn’t have walls is honestly par for the course when it comes to Canada’s weird real estate market.
However, despite the fact that this Rosedale home is nothing but studs realtor Nigel Denham argues that this is actually a pretty good deal.
“If someone spent another $1.5 [million] to complete the house and they were into it for $7 million, they would have an absolute gem of a house and property in coveted Rosedale,” he told blogTO.
“I would argue that the fully turnkey asset represents great value.”
Now, not everyone has $1.5 million to dump into renovations after buying the home for nearly $6 million, but if you did there’s a lot of potential with this home .
56 Roxborough Dr. is a 110 by 129-foot ravine lot surrounded by nature and has a magnificent stone terrace that was designed by the renowned Mark Hartley and meticulously crafted by skilled stone masons.
“[The] client spent just over $1 million on the extensive terrace and stone work almost 10 years ago, that would probably clock in closer to $2 million to replicate that today, so there is significant value up there beyond the house and property,” added Denham.
The existing home is a blank canvas, which for some is great because it means you can make it exactly what you want.
Currently, the home is laid out to have four bedrooms and three bathrooms, but with over 3,500-square-feet of living space the potential is limited only by the imagination of its future inhabitant.
Denham also told blogTO of the home is a prized rarity in Rosedale.
Not only is the 110-foot frontage rare but, as Denham pointed out, the current limitations on building in such a location mean that if you owned the land today, constructing a house here would be a near-impossible feat.
Denham adds, comparing it to other options in the market, the choice becomes clear— once it’s a fully renovated house, the size of the property plus the fact it’s set in a magnificent ravine, 53 Roxborough Dr. is “a no-brainer”.
So yes, this home could very well be the “stairway to heaven” like the listing suggests, but right now it’s more like the landing to heaven… you still need to build the staircase.