Crappy old duplex sells for $700K
Radio-Canada raises an eyebrow at the sale of a Plateau duplex for $737,500 given that it had been condemned by the city.
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dwgs 07:46 on 2019-08-06 Permalink
In the last year or two there have been 3 places that sold on my cozy but not fancy in any way block in NDG (between de Maisonneuve and Sherbrooke). They selling prices ranged from mid 600k to mid 700k and they were all gutted and rebuilt, meaning the buyers were sinking close to a million dollars into the purchase and Plateau real estate is worth way more than squaresville NDG.
walkerp 10:27 on 2019-08-06 Permalink
Here is another one where the price threw me.
https://www.realtor.ca/real-estate/20952119/5-bedroom-single-family-duplex-4576-4578-rue-jeanne-mance-le-plateau-mont-royal-montr%C3%A9al-le-plateau-mont-royal?
No interior pictures, barely any info. I think there are some descendants who want to make a quick buck after their parents have moved out of a place they have been in decades and don’t fully understand the market.
Joey 10:43 on 2019-08-06 Permalink
@walkerp seems like it to me – I think the full listing says it’s sold with no legal guarantee
Both of these properties make the case that a real estate transaction really should be thought of as consisting of two parts. On the one hand, the real asset your getting is the land – location location location, right? God knows they aren’t making any more land in the Plateau, and heaven help anyone who would like to see the neighbourhood become denser. On the other han, you’re buying a depreciating asset. Seven hundred grand for that condo doesn’t seem excessive, even if you have to spend another 300K demolishing and rebuilding. A two-storey single family home in that neighbourhood should fetch in excess of a million bucks, since such things are very rare. Rebuilding and dividing into two (or three?) condos at $500K each would be about market rate. Yes, it’s “insalubre” but the appeal is the land/location, not the shitty house. Such is the market these days.
Blork 11:34 on 2019-08-06 Permalink
Location, location, location. I recently looked at a listing for an historical duplex in Varennes (from 1790; it even has a plaque out front). Almost 1800 square feet, huge deck directly overlooking the water. Tastefully renovated where it matters but retaining all the historical touches. Three bedrooms, three bathrooms, family room, a loft over the master bedroom big enough for a home office… $449,000.
Just up the street is another historical house from 1896. Six bedrooms, two-and-a-half bathrooms, close to the river (but without direct access). 3400 square feet of living space. Somewhat renovated kitchen and bathroom; everything else old and woody but seems to be in great shape. High ceilings and abundant windows. $525,000. Basically the price of a one bedroom in Griffintown.
Unfortunately those places are in Varennes, which means a long commute if you work on the island, but more importantly it’s the most boring town in the Monterégie from what I can tell. Pretty as can be, but utterly dead. (Nice if you like quiet.) Apparently the largest demographic is the 65+ age group. When my sweetie and I bike there on weekends (we go for the journey, not the destination), we have to bring a lunch because there are literally no restaurants aside from a few greasy shitholes out by the highway (well off the bike path).
Ephraim 12:22 on 2019-08-06 Permalink
Walkerp… Use the city tool. The evaluation of the property is $881,700 and the owner lives in Ontario. Also says it was built around 1900.
CE 14:05 on 2019-08-06 Permalink
Re: Varennes. I’ve driven through the suburban areas but never the old village centre. It’s super pretty and well preserved but wow, you weren’t wrong about there being literally nothing. There seems to be a dep and a notary and not much else!
Kevin 21:01 on 2019-08-06 Permalink
I once rode through Varennes on garage sale day. Kilometre after kilometre of junk that you know isn’t ever going to leave town
Blork 23:13 on 2019-08-06 Permalink
I don’t think that’s unique to Varennes.
walkerp 11:21 on 2019-08-07 Permalink
@ephraim what’s the city tool?