Property prices are likely to fall as interest rates rise and buyers retreat.
But every once in a while, homes like 821 The Queensway pop up and make you question everything again.
This very average three bedroom, two bathroom single family home is listed for $9,999,999.
A bedroom upstairs.
Well, the house is all right.
There is a renovated ground floor that has been converted into offices. On the floor there is also a beautiful built-in fireplace and a guest toilet.
The living unit on the upper floor.
Upstairs is a living suite with a small kitchen and three good sized bedrooms.
The backyard/parking lot.
There is also a 300 square meter terrace and enough space for 12 cars.
The stairs.
But typically, a home like this would average $1.3 million, maybe a bit more considering the lot is 72 feet by 160 feet.
The kitchen overlooking the Harvey’s parking lot.
So what the heck does it matter that it’s listed for nearly $10 million?
A bedroom.
“We are selling a property that is 72.01m square and 160ft deep,” real estate agent Arta Dawkins told blogTO.
Another bedroom.
“Queensway is known for a whole range of high-rise projects. A new project at 821 The Queensway is about to break ground.”
And it makes sense that it’s being sold as a development opportunity since nobody actually wants to live in this house.
Built-in shelves upstairs.
The back yard is the Costco gas station and its neighbors are the Harvey’s and Starbucks parking lots.
But even if you were to build a condo building, the property wouldn’t be worth $10 million.
The price per buildable square foot for this area is approximately $123 per square foot. So do the math, the land is worth just over $1.4 million.
And while it’s true that this area is being developed with condominiums and the lot is earmarked for both commercial and residential use, which could drive the price up, it still shouldn’t be $10 million.
One of the bathrooms.
HouseSigma, which uses AI to estimate real estate values, values 821 The Queensway at $4.8 million.
A roof terrace.
So either this house is built on oil (maybe with a gas station behind it?) or it’s just absurdly overpriced. My voice is overpriced.