BUYING, RENOVATING & SELLING is a title section on a Toronto Remax relator's web site. Providing a thorough run through of the investment opportunities using this particular method of making money buying and then doing some renovation and quickly selling again - the site places an attractive face on the activity.
Neighbors are no doubt eager to see really run down houses purchased and repaired and would also see the value in the flippers profit for work in this scenario. Yet most flips are of houses that are really in reasonable condition, there may be badly chosen homeowner designed "interior design". Flippers are a problem in such cases as they will be willing to pay more for house - as they are planning for profit - then would a person or family who actually wanted to live in the house or condo. (yep condos get flipped too)
West Toronto has a particular big problem with mega flippers - who prefer to be referred to as builder/developers. These people buy a house tear down all but 15 percent (tax thing) and then build another one or two houses on the lot. Lost is all the architectural heritage - and probably the character of that particular area of street. 48 Rathburn - a property of national architectural and historical significance is a case in point (it's a great site detailing the house) A Globe and Mail article (2004) on the Trend House program.
posted by Robert
Having worked in Toronto quite awhile ago I just learned about the tragic teardown of 48 Rathburn.
ReplyDeleteLooking at a picture of the interior of this house
http://www.flickr.com/photos/paul_balcaen/614135379/in/photostream
every person who has ever admired the interior beauty of a house must be aghast.