Dilapidated home sold for $1 million an example of Beach properties in demand

WATCH ABOVE: Despite the fact that it’s been deteriorating for years and was described as “unlivable,” a dilapidated house in Toronto’s Beach neighbourhood has sold for $1 million. Mark McAllister has the story on why the house sold for so much and what the neighbourhood thinks of it.

TORONTO — A property in the Beach neighbourhood just sold for $1 million, despite the house being deemed “unlivable” by those nearby.

According to other residents on Kippendavie Avenue, no one had lived in the home since it was sold three years ago and animals had starting moving in.

“It sold for $920,000 to somebody,” renovator Tammy Siegersma said.

“Then we’ve watched it sit vacant for years and nobody’s touched it so I don’t know what the point was.”

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Siegersma said she bid on the property went it was on the market the first time and had plans to rebuild the existing house for resale afterward.

The three bedroom, two bathroom house was recently listed for $899,900 with multiple offers before being sold two days later. It had been described as “currently not livable” and in “extremely poor condition.”

It’s an example of the hot real estate market in that particular part of Toronto, a community near Lake Ontario with parks and retail on nearby Queen Street East.

A brand new home was recently built to replace another one a block away on Kennilworth Avenue after a zoning battle with the city that was taken to the Ontario Municipal Board.

“Location, location, location,” neighbour Loredana Cunti said.

“I suppose if I had another million dollars lying around and another million to make a house it wouldn’t be a bad investment.”

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According to local real estate agent Michael Kassen, 14 properties in the Beach have been sold between $2 million and $6 million over the last year.

“What never ceases to amaze me is how much money there is out there,” Kassen said. “There always seems to be this universal allure to live closer to water.”

After decades of selling property in the area, he’s not surprised by a house that’s falling apart being sold for that much money.

“Have I lost a lot by spending a million fifty to buy a piece of land,” he said. “If I do it right? Good investment.”