242 Glen Park Ave. has been trying to sell since 2017, which is a long time of a house to sit on the market in Toronto… even with the recent slump we’ve seen.
The two-bedroom, one-bathroom bungalow first came on the market at $1,499,000 but eventually cut its price to $1,149,000.
At its lowest, it was listed for $799,900, but when it was relisted this week, it was listed for $949,900.
The living room.
The price hike seems like the wrong move, given the history and the state of the house.
Now, to be fair, the house is clearly being sold for land value only, as most of it was destroyed by a recent fire that left little more than a burnt-out ruin on the property.
Fire destruction.
The destruction is so bad you can’t even go into the house, according to the listing.
But even before the fire, the listings said the home was being sold for land value only.
And while generally, land value in Toronto is at a premium, especially for a decent sized 25- by 130-foot lot, the asking price for 242 Glen Park Ave. might still be too high for some.
The front entrance.
While the listing does mention the location is in a “high demand” area and 242 Glen Park Ave. is surrounded by “custom built million dollar homes”, that’s not the full picture.
The Yorkdale and Glen Park area has seen a 13 per cent drop in property values in the last 12 months.
The kitchen.
In fact, property values have been dropping since 2021 in this neighbourhood.
Another shot of the kitchen.
Also, the average house sells for around $1.2 million in this neighbourhood, whereas in North York, as a whole, homes sell for an average of over $2 million.
So, while you could build a stunning custom home on 242 Glen Park Ave., one might argue that the location doesn’t really make it worth it.
The garage.
Or it at least doesn’t make it worth it in the short term where you’re going to inevitably lose money because there’s no way you can build an entirely new house for under $200,000… well, not one that will sell for millions.
And that is why this house is not selling.
The side of the house.
Investors, developers or renovators, aka the people who would actually buy this home, want to see a return on their investment and 242 Glen Park Ave. unfortunately can’t deliver that.
