Toronto's Tiny $1 Million House Just Sold For Nearly Double The Asking Price
Someone bought the home for $1.8 million. 😱
The predictions were right. Toronto's tiny $1 million house just sold for much over the asking price. In fact, it has been taken off the market for almost double.
Back in July, this tiny property at 300 Euclid Ave. made headlines when .
From the outside, it looks more like a tool shed than a house, with only one floor and limited surface area compared to the multi-level properties that surround it.
Despite this, the tiny home has been sold for $800,000 over the asking price at $1,808,000, CTV reports.
In a phone call with Narcity before it sold, Realtor Alan Ng said he was confident that his listing would go for over a million.
"If you know real estate, you know it's not an expensive price," Ng reasoned. "I'm confident it will likely sell for more."
According to CTV News, the home sold within seven days of being on the market and had 14 interested bidders.
Location is a major factor, as the miniature looking home is situated in the vibrant Little Italy neighbourhood.
In fact, most interested buyers were in it for the location, Ng confirmed.
They were more interested in purchasing the lot than they were in living in the house.
Some buyers didn't even go indoors during the viewing, Ng told Narcity.
"Prospective buyers looking to purchase lots to use for other reasons are often interested in properties such as this one," he said.
Toronto real estate agent Desmond Brown reiterated this in an interview with CTV.
"So, just ignore the fact that a bungalow is on there on the property and concentrate on the fact that this is land value," he explained.
Despite looking unspectacular, there is definitely loads of potential to be seen in the neighbourhood. In fact, real estate has been picking up.
According to a recent study,
Sales rose by a whopping 49.5% in the Greater Toronto Area that month, according to the Canadian Real Estate Association.
Otherhave seen houses on the market for just $1.