Get a Deal on 17 Major Street - Real Estate Opportunity
Discover an incredible real estate opportunity at 17 Major Street. This well-maintained home has recently been reduced by $100k, perfect for savvy buyers looking for value. With updates on the exte...
4 min read
South Annex: 17 Major Street $1.490M $1.395M - 3+1 BR - 2 WR - 17 x 94 ft. lot
Prime Location in the Heart of Kensington Market near College & Spadina - Solid Semi-Detached Home Featuring Charming Brick Frontage, New Exterior Siding, and a Rare Block Garage with Laneway Access. Offering 4 Spacious Rooms on the Main Floor and 4 Additional Rooms on the Second Level, this Property Provides Incredible Flexibility for Families, Investors, or Multi-generational Living. Features Include High Ceilings, Hardwood Floors, Moldings, 3 Washrooms (one on each level), and a Separate Entrance to the Basement with Excellent Income or In-law Suite Potential. Full of Character and Endless Possibilities, This home is Ready for your Personal Touch and updates. Fantastic Opportunity in one of Toronto's Most Vibrant and Sought-after Neighborhoods! Rare Investment Opportunity near College & Spadina! Ideal for Investors, Renovators, or End-users Looking to Customize in a High-demand Downtown Location. Tremendous Upside with some TLC. Close to Transit, Universities, Shopping, Restaurants, and all Downtown Amenities.
Nick's Notes:
I have been talking about it for a while, but the opportunity for end-users in the Toronto real estate market right now is in homes that need updating or have been used as income properties. The home flippers are long gone, and investors are getting better returns elsewhere, ex. the stock market. In this market segment, many of the homes are owned by long-term owners who have tripled or quadrupled their investment and are less tied to getting top dollar. The conditions to get a deal done on your terms are much more favourable, as opposed to the frustration of so many buyers right now trying to negotiate a reasonable price with a seller who bought five years ago.
While not without risk, I see this as a particularly good moment for handy, creative people who find it hard to see themselves in someone else’s finished home. These are the people who know that if you want it done well, you have to do it yourself. They also understand that not everything needs to be perfect on day one.
There is a lot of overpriced stuff for sale right now in the core, but opportunities are presenting themselves more often. It’s not a bad time if you are looking to invest in a piece of land downtown instead of shelling out rent or buying a condo. When the market was hot, there were parents buying homes for their university-age kids and using them as somewhere for their kids to live while they attend school, as well as an investment.
There are many imperfect homes available that work well for this scenario because federal international student housing caps have alleviated some of the pressure on student housing downtown, but for how long? How long before this policy changes under a future government, or enough universities and colleges push back after having their cash cow taken away? In previous years, larger older homes would have been snatched up to renovate, or rented out by the room. This is but one possible scenario, intended to get you thinking about how you may be able to take advantage of this particular market opportunity.
To summarize, if you are just looking to get a deal today, the ideal opportunity is a well-maintained home in a great location, with long-term ownership, but dated enough to be undesirable to many. Enter homes like 17 Major Street.
Recently reduced by $100K, this house has the right kind of imbalance. The exterior has been meaningfully updated, but the interior remains highly original. The brick, roof, eavestroughs, windows, and fencing all appear to have been updated. Interestingly, the newer home next door appears to have the same brick, windows, fencing, etc. I don’t believe that is a coincidence.
There has also been some water mitigation done, including a roof over the basement entrance, as well as interior waterproofing in the basement. There appears to have been an issue here in the past, so you would want to understand exactly what was done, why it was done, and whether it has solved the problem. I have some thoughts.
The basement is unfinished, has an old washroom, and is over 6 ft high when not under the furnace vents. There is only one functioning window. It is not pretty, but you can see the work ahead of you, rather than guessing what has been hidden behind fresh drywall.
Upstairs, the house has more character than you might expect. Crown mouldings, high ceilings, ornate details, and an original staircase with handrail, newel, and bannister intact. If one was so inclined, there is actually quite a bit of character to save. The hardwood floors even appear to have some life left in them, although the second floor is not as level.
The kitchen will have to go. The main floor 3-piece washroom should probably be converted to a 2-piece, unless you are thinking about splitting the house into units. There is an older rear addition on the main floor that has likely been used as a bedroom. It takes up much of the backyard, and a new buyer may consider removing it if they want more outdoor space or are using the house as a single-family home.
That rear addition is one of the bigger questions. It removed the ability to access the backyard from the main floor. Currently, you can only get to the backyard from the basement or the laneway. Knocking it down gives you a backyard, restores outdoor access, and improves the relationship between the house and the garage.
Which brings us to why you would take a chance on this property: location, parking, and potential to build up. It is literally in the heart of the core, in a premier neighbourhood, walking distance to everything you could ever want. With the recent price reduction, this is the most affordable home in the area with parking. Across the street is a long-term care home, which is okay, but I recommend knocking on the door of the attached neighbour.
Listed by Rui Ramos, Real Estate Ultimate Realty Inc
