With both semi-detached plots, located on 868 Shaw St., selling for a total of $1,377,600, $688,800 each, the land is generating a lot of interest from investors looking for prime real estate with potential, said listing agent Michael Palmieri in an interview with REP.
“We’ve been seeing a good reaction from prospective investors who see the potential,” he said. “We’re not showing the inside of the property but just walking around the house to see what can be done. There are a lot of local interest in the land and there’s a lot of people looking to turn it into an income property.”
While some properties in the same neighbourhood has dealt with the ‘creek effect’, adding metal beams to keep the houses upright, the owner of this property did not take the same measures and now Palmieri hopes to find an investor who can afford to knock it down and build anew.
The creek was eventually covered over in the latter-half of the 1800s and where these homes are now was once a large pit. The pit was apparently filled in with garbage and then simply covered over with top soil – a solution that failed to stand the test of time.
Kudos to the real estate agent or investor who can flip this property – a pair of sloping semi-detached homes selling in Toronto’s Annex neighbourhood for nearly $1.4 million.