Detached House in Toronto Averages near $1,000,000
According to the Toronto Real Estate Board's May, 2014 Market Report, the average price for a detached house in the City of Toronto is $943,055. The average price for a detached house in the Greater Toronto Area is $648,439. For the full report, click on the link below.
122 Church Street, Warkworth, is a beautifully proportioned house that has been thoughtfully restored by its current owners. Built in 1850, “Humphrey House” was given a thorough updating between 2008 and 2010. Among the improvements made were new wiring, drywall, plumbing, and 7 new bathrooms. The kitchen was treated to new cabinetry and 4 new stainless steel Energy Star appliances.
The house is situated on just under one acre of land and backs onto Warkworth’s Millennium Park. It has mixed use zoning, which presents Buyers with a range of opportunities: bed-and breakfast; gift-shop; tea room; spa; inn; gallery and restaurant. Perhaps the most compelling option is to enjoy it as is!
The property’s original features have been lovingly restored. The front and side porch doors are wood with “cranberry” glass inserts. The living room, dining room and den have ceiling medallions. The wood floors in the principal rooms and bedrooms have been refinished.
Warkworth, Ontario, is a ”Designated Arts Community” and home to a variety of studios, shops and restaurants. Local events include the Lilac Festival and the annual Perfect Pie Contest. There are three golf courses in the area.
122 Church Street, Warkworth, blends period grandeur with modern conveniences. Suitable as a family home or a thriving business, it represents a unique opportunity for the Buyer in search of country peace and village advantages.
To book an appointment to view 122 Church Street, click here.
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Lytton Park Real Estate, Toronto
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For information on houses for sale in Lytton Park, contact me.
“ ... Glengrove Avenue was a driveway leading into Glen Castle, a great, rambling structure of stone ... It had been built by the Ainsley family and was not demolished until 1925.” So wrote Lyman B. Jackes, in “Tales of North Toronto”. The land where Glen Castle once stood is now occupied by John Ross Robertson Public School. The name of the original estate lives on with Glen Castle Street, located on the east side of the school.
Lytton Park is located in the area south and west of Yonge Street and Lawrence Avenue West. It stretches south to Briar Hill Avenue and west past Mona Drive. It is serviced by the Lawrence subway station, which also has bus routes going east and west along Lawrence Avenue.
Sale prices of property in Lytton Park currently average over $1.5 million. The houses are almost all detached and sit on lots that range on average between 25 and 50 feet wide. Development occurred in the first half of the 20th century, and most homes today still have their original brick facades.
Condominium apartments in the Lytton Park neighbourhood average approximately $750,000 per unit.
Chatsworth Ravine is the community’s largest parcel of parkland. It has an outdoor ice rink which provides both hockey and recreational skating. Lytton Park itself, located at 200 Lytton Blvd., is home to the North Toronto Tennis Club. It has 3 courts and floodlights which enable members to play after sundown.
Serving both neighbourhood locals and “tourists” from other parts of town, Yonge Street between Lawrence and Eglinton Avenues is well known for its upscale shopping and dining. Lawrence and Avenue Road is also home to a variety of restaurants, services and specialty food shops.
What was once a country playground for one family has become a community for many families. Residents appreciate the shady streets and well-built homes. Proximity to good schools, shopping and public transit guarantees both lasting and inevitably increasing value for this destination neighbourhood.
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Buying Toronto Real Estate - How Big a Deposit Cheque do I Write?
When buying Toronto real estate, Buyers typically make offers by signing an Agreement of Purchase and Sale. Most standard forms have a place for deposit details immediately below the lines dedicated to the Purchase Price. What percentage of the offering price should you give as a deposit for your dream house or condominium?
There are potentially as many perspectives on this question as there are real estate agents and Buyers. Customs vary widely. In many parts of Ontario, it is not uncommon to see deposits ranging in size between $1,000.00 and $5,000.00 regardless of the size of the purchase. I recently heard of a transaction in excess of $2,000,000.00 that was accompanied by a $5,000.00 deposit.
Toronto and Muskoka are the two markets in Ontario where deposits in the range of 5% to 10% of the offering price are the norm. My personal preference is for deposits at 10% of the offer price.
A Buyer may ask, “Why should I liquidate investments to come up with such a big deposit? Size doesn’t matter – I am still bound by an accepted Agreement. Besides, the Seller doesn’t get it – it goes into the Listing Broker’s Trust Account!”
Precisely. Let us now examine a possible impact of accepting an Agreement of Purchase and sale at $2,000,000.00 that came with a $5,000.00 deposit.
Early in June, Dr. John Doe offers to buy Jim Smith’s house for $2,000,000.00. He includes a deposit of $5,000.00 with his offer. Jim Smith accepts the offer with a closing date of October 30th. On September 5th, Dr. John Doe is offered a prestigious position in London, England at several times his current salary – housing included. He accepts the job offer immediately.
Dr. Doe now feels conflicted. He knows he is obligated to close his purchase with Jim Smith on October 30th. However, he will be in England at that time. How does he close and then go about re-selling a house he no longer wants when he won’t even be in the country? Maybe it would be better to just walk away from the problem. After all, his exposure is only $5,000.00. “Jim can re-sell the place no problem” he tells himself. “He might even get more money!”
Let us now look at this transaction with a $200,000.00 deposit:
Dr. Doe: “OMG. What am I going to do? I have to come up with $1,800,000.00 on October 30th to close a house I no longer want. They’ll never give me my $200,000.00 back.”
Whatever other thoughts run through Dr. Doe’s mind, it is highly likely that he will realize that his best option is to close the deal with Smith on October 30th and make arrangements to re-sell the house as soon as possible.
While large deposits are a harmless form of insurance for Sellers, they can also benefit the Buyer.
“The purpose of making an offer is to have it accepted.” With this time-honoured maxim in mind, imagine the impact of the following:
Jim Smith has been trying to sell his house for over 2 months. He has been asking $2,000,000.00 and has not received any offers. His listing agent has been advising him to lower the asking price to $1,895,000.00 for several weeks. He refuses saying “They can always make me an offer.”
Dr. Doe has been looking for the right place for 6 months. When he is taken through Jim’s house he knows immediately his search is over. He contains his excitement. Once outside, he asks his Agent “How long has it been on the market?”
After lengthy discussions with his Agent, he decides to make an offer at $1,750,000.00. He includes with his offer a bank draft payable to the Listing brokerage for $175,000.00.
Jim Smith is not happy with the Dr.’s offer and wants to reject it. However, he finds his eyes returning more than once to the bank draft on the table. “He’s obviously got the money but the price is ridiculous.”
After much thought he decides to sign Dr. Doe’s offer back at $1,875,000.00. 5 days later Doe and Smith strike a deal at $1,835,000.00.
What do you think the odds would be of this Agreement getting arrived at with a $5,000.00 deposit?
Best wishes for success,
If you have any questions or comments about this article, please contact me.
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