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Real estate value?

8 inch bone

Member
Feb 18, 2004
144
21
18
Hi all, I have unfortunately inherited a property in Unionville ( nice area in Markham), lot size 0.5 acre, house small and old. I have been given wildly different price ranges (neighbors place for sale @ 2M , his house very nice, 5500 sq ft, smaller lot).

I am looking for a value, and a builder or small developer to buy and build estate homes. Any advice? Thanks, 8
 

eldoguy

New member
Oct 27, 2006
4,133
0
0
Toronto
Get a rezoning for commercial buy a Tim Hortons, McDonalds, franchise sell the business for 10 million each, collect the rent on the buildings. Thats a good plan I think.
 

Brill

Well-known member
Jun 29, 2008
8,685
1,199
113
Toronto
If you're looking to sell, then sell to the highest offer. Does it matter what the buyer does with it?
 

fmahovalich

Active member
Aug 21, 2009
7,255
13
38
If it is possible...get it ZONED commercial.

Talk to a neighbour about doing the same. If you can get three or four on board....to make the package bigger...


you will all do better.

Cause if you try to go commercial....and the neighbours are not on board....they can balk at a re-zoning application and you are fried!
 

luvulong

New member
Aug 25, 2006
29
0
0
Hi all, I have unfortunately inherited a property in Unionville ( nice area in Markham), lot size 0.5 acre, house small and old. I have been given wildly different price ranges (neighbors place for sale @ 2M , his house very nice, 5500 sq ft, smaller lot).

I am looking for a value, and a builder or small developer to buy and build estate homes. Any advice? Thanks, 8
Without knowing the exact address, I fail to see how anyone can give even a ball park figure; let alone suggesting to have it re-zoned. A house that backs onto the 407 for example is worth 40% less than the exact same house across the road. PM me the exact property address and your email address and I'll email you some MLS Comparable listings. No obligations.
 

8 inch bone

Member
Feb 18, 2004
144
21
18
Hi all, I can't get commercial zoning, it is a quiet residentail street with only 5 houses in the 7 & kennedy area . I am hoping that someone with more knowledge than me will buy the lot, then divide and build, or just build a monster home on the site. This is ( I believe ) not your average MLS type of sale.

Thanks for all the comments and advice, Cheers
 

eldoguy

New member
Oct 27, 2006
4,133
0
0
Toronto
Sell it to a builder let him have the headache to do what ever. Get 30% down payment 1-2 yrs for the balance at 5% int., then the balance paid, when he gets a building permit. If the builder walks away you still own the property.
 

VulvaLuva

Member
Jan 19, 2005
102
1
18
Get a good accountant and lawyer to avoid any capital gains......THE TAX MAN ...will want his cut.
 

alnoor

New member
Aug 21, 2006
4
0
0
Lot of re-development in the Hwy 7 and Kennedy Rd area especially on Helen Ave. Builders will be keen to buy.
 

nottyboi

Well-known member
May 14, 2008
22,447
1,325
113
Get a good accountant and lawyer to avoid any capital gains......THE TAX MAN ...will want his cut.
I think if it was a primary residence, the estate will have no capital gains, but make sure the value is crystallized during inheritance process if not you will pay some serious capital gains,.
 

babyfinsta

Well-known member
Jul 2, 2005
2,372
31
48
On top of yo mama!
dont expect that much for it. given the area, its probably in a heritage designated zone. so density allowable is probably pretty low. also depending on the shape of the land, that may dictate part of the pricing as well.
 

SkyRider

Banned
Mar 31, 2009
17,572
2
0
As a general matter, what will happen to real estate values in general with the stock markets crashing?
 
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