Addison Estates

Sunday, January 13, 2013

BUY THIS



This one just came on the market. Its a 4-Plex but could be a stunning single family home once again. #18 Homewood is in a great neighbourhood, close to vibrant and bustling Locke Street and nestled amongst other stately homes. Its listed at $729,000 and is not even on realtor.ca yet. If someone is able to snatch up for $699,000 or $689,000 they could easily put in $100,000 and feel safe with their investment. They could even collect income for a  few years before they take over and renovate.




















Totally worth it as I've seen average home in this neighbourhood sell for high-fives, some over six and a recent one for high sevens (flip). I honestly can't believe that last one. It goes to show how seductive shiny, new and turn-key can be. Check it out here (nice, but not an $800,000 house...I saw a huge stone Tudor with a pool sell on Markland in the low sevens just over a year before this).


















And this one is up now for $619,000...it sold not even 6 months ago in the low-threes. Give me a break. Sure its a great neighbourhood and the renos are pretty, but its an average house and there's no way they spent $300,000 fixing it up. See befores and afters.

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If this goes for in the sixes, then what does one pay for the really nice ones down the street and up the corner? I remember being able to buy a great house in south west Hamilton for under $400,000. Like our second house here:


















Not anymore! Get out there and buy in this great neighbourhood before you get priced out and flippers strip all the character out.

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