What should you expect when you see a home listed for $1 in the GTA? The price tag isn’t a marketing strategy, it’s an invitation to a negotiation. GTAHomeHunt
Zoning is what makes this find special. The house at 3154 Lake Shore Blvd. W. is in a zone that allows for property to sold as both residential and commercial property. Since the house is on a popular street and very near to Humber College in the same neighbourhood, it could fulfil many uses.
If you’re new to the real estate market in Toronto, you might be wondering, how is it possible for home to be listed for $1? We brought in our expert, realtor Othneil Litchmore, to better understand how a property could be listed for a loonie.One dollar won’t buy you a home in Ontario, let alone Toronto. The key to 3154 Lake Shore’s pricing is the zoning of the building, it’s both residential and commercial.
For a commercial buyer, Litchmore explains that they work backwards in trying to figure out the worth of the property. While Litchmore recognizes that 3154 Lake Shore is currently a residential listing, the home could be worth more as an asset, perhaps as rental units considering its proximity to Humber College’s Lakshore campus.
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