487 JONES RD., HAMILTON
PREVIOUS SELLING PRICE
$275,000 (2008); $159,000 (1987)
DAYS ON THE MARKET
Larry Paletta, Re/Max Escarpment Realty Inc.
The Action: Hamilton homes can often be purchased with $400,000-to-$500,000 budgets. So this detached bungalow was marketed to builders and renovators – especially those from pricier markets, such as Toronto – with more money and time to redevelop its 100-by-150-foot lot just down the street from Lake Ontario.
"It's a great example of how an investor from out of town sees the value and is willing to pay slightly more money than anyone local because the price is cheaper than what they are used to in the GTA," agent Larry Paletta says. "Also, some have more foresight to appreciation as things keep going up and up."
What They Got: Given the lot dimensions, this raised bungalow has an extra wide plan with three bedrooms and three bathrooms inside and an attached double garage to one side.
Meals can be prepped and consumed in the dining room or eat-in kitchen, while other activities can take place in a main-floor living room with one of three fireplaces or three other entertaining areas in the basement.
The Agent's Take: "Even if you split this [lot], it might be five to 10 feet thinner than the rest of the lots, but you'd be 50 feet deeper," Mr. Paletta explains.
"You don't see this stuff too often and when you do, you have to jump on it because there's money to be made here, even if you build your own house on one side, you can make your money on the rest."