A tiny garage on The Danforth is up for sale at a whopping price of $599,000. The staggering price of this 20 foot by 100 foot lot adequately sums up the state of Toronto's scorching hot real estate market.
Located at 0 Greenwood Ave., this listing is marketed as a "rare opportunity for someone looking to build in desirable Danforth Village" near the subway, schools, shops and restaurants.
Price: $599,000Address: 0 Greenwood Ave.Brokerage: Royal LePageAgents: Antigone Dallas
Photo courtesy of REW
As you can see, the garage is not only tiny but also quite weathered. Real estate broker Nima Khadem told CBC News it's a "really interesting" property, which it certainly is.
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Listed less than a week ago, Khadem says this space used to be part of a bigger lot but was severed off several years ago. The corresponding home that was once linked to this garage was sold several years back. The garage remained under the original owner's name but following their death, the small estate is now being sold.
Were the new owner to want to tear down the garage and build a home, they could likely fit a two-storey house with a finished basement that's between 1,500 and 2,000 square feet, Khadem told CBC News.
"This one is a unique situation, and given the current fact that properties have gotten so expensive, it puts property like this in high demand — because people can buy this, put up a structure on it, and it can be a great condo alternative," Khadem said.
Perhaps the list price is not so surprising when you consider that the average price of a home in Toronto is currently $832,703.
