A tiny Toronto house is making waves in the real estate market, with a price tag that has raised eyebrows. The property at 4 Lucy Ave., previously sold for $430,000 in 2019, is now listed for $599,888. Despite its small size, the house has been touted as having three bedrooms, though it still maintains just one bathroom within its less than 500 square feet of space.
Upon closer inspection, it becomes evident that no major renovations or extensions have been made to the property since its last sale. In fact, the condition of the house seems to have deteriorated, with visible signs of neglect such as a buckling front door and a sagging roof. The interior gives off a vibe that has been described as a mix of a dormitory and a doomsday bunker.
One might wonder why a property in such a state commands a price nearing $600,000. The answer lies partly in the surging real estate market in the east-end neighborhood, where prices have shot up by approximately 34% since 2019. Additionally, the house sits on a comparatively spacious lot of 22 by 100 feet, is detached, and is located in an area considered “up-and-coming,” hinting at potential gentrification.
Despite its shortcomings, the property does offer some advantages. The adjacent detached homes, in better condition, are fetching prices upwards of $1.5 million. This context somewhat justifies the seemingly exorbitant price of the tiny house, which also features a garden shed in its backyard.
Toronto’s real estate market has long been known for its high prices and competitive nature. The city’s property landscape continues to surprise with listings like this, where the allure of location and future prospects outweigh the current state of the dwelling. It’s a familiar tale in a city where real estate can be both heartbreakingly expensive and audaciously priced.
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