PRICE DROP - 46 Herbert Avenue - BEACHES, TORONTO
At the beginning of October, I posted this 4+1 bedroom, 5 bathroom house on a 25 x 123 foot lot with 2 parking spots at 46 Herbert Avenue in the Beaches.
It was a house that I had posted in 2016 after it had been renovated after looking like this…
After the reno, the asking price for this house was $2,099,000. It thought it would probably sell closer to $2,325,000. It sold for $2,060,000.
Three years later, with some new paint, a new backyard, and a new garage, it was back on the market for $2,588,000.
That worked out to an approximate 8% APR which I thought was a little high for the Beaches.
It didn’t sell and the price has now been dropped…
To $2,495,000.
Or an approximate 6.5% increase in compounded interest.
Still a little high? Maybe but not by much. Unless you take the new backyard and new garage into account.
