The Ontario real estate market feels like a bad joke on a good day but when a property like 1070 Nashville Road comes up, it feels like that joke went a bit too far.
Listed for $11,280,000 is this two-bedroom, one-bathroom bungalow with a two car garage.
Now it’s safe to assume that the home itself isn’t worth $11 million because there aren’t even shots of the interior of the house.
However, the listing does mention a relatively new geothermal furnace and roof, so there’s a chance it’s livable. It also apparently has a “galley kitchen and granite counters” but again none of that is even remotely worth its obscene price tag.
As the listing notes this is an investment in a future development area and has “amazing” redevelopment potential.
So is this home on a massive property? Yes, it’s sitting on over five-acres of land. But that land comes with some caveats.
Firstly, it’s on a well, cistern and UV water filtration system and septic. It’s not even hooked up to a sewer system, which is fine but does come with some maintenance that most places going for $11 million don’t have to deal with.
And it’s worth noting that the cost of getting hooked up to the city sewer system can run upwards of $75,000 per property. So if you planned on building multiple homes on this land it’s just worth factoring that in.
Also if you hadn’t guessed this place isn’t in the middle of Toronto proper. It’s in Kleinburg in kind of a weird dead zone just south of a waste management plant.
However, there are some things going for this slice of land. It’s address is technically in Vaughan and close to highway 50 and the 427.
It’s also not part of the greenbelt or Oak Ridges Moraine so you’re free to develop the land without running into any ecological conservation issues.
Regardless, none of that justifies an $11 million listing price. Even HouseSigma, which uses artificial intelligence technology, estimates its price at $9 million.
And that still feels high, especially when you can get the same amount of land for way cheaper in the same-ish area.
But then again the price might just be reflective of what the market will bear.