Ten poorly maintained TCHC assets fetch multiple bids in record sell off.
TCHC selling 46 East Toronto Homes
City of Toronto ends up on top after unloading 10 TCHC assets for slightly over $5.2 million. Most of the properties were vacant, non-income producing assets collectively requiring over a million dollars in renovations. Since the City of Toronto isn’t in the real estate business, it was smart to sell. Especially in this heated Sellers market.
With 36 more properties waiting to hit the market, there are some stellar opportunities for families looking to create their dream home in an attractive community. Leslieville and Riverside aren’t showing any signs of slowing down. This East Toronto market has been outperforming most others year over year with some homes sill considered to be undervalued (stay tuned for our market report next month). There may not be many flip opportunities in this market as many investors and renovators are competing with families (end users) which drives up the price in a bidding war, reducing potential profit margins for flippers. Most experienced flippers won’t look at a property unless it can bring them a minimum of $100K profit on closing. That being said, there are some gems being overlooked on some amazing streets (namely DeGrassi).
Although we’re not representing TCHC in any of these sales, we are constantly on top of local housing inventory and would love to get you in the door first on any of these upcoming properties. Contact us today to get on our priority list of Leslieville and Riverside opportunities. There’s one coming up on DeGrassi that we’re especially excited to show you all.
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