A dilapidated garage that sold for over $ 700,000 less than a year ago can generate a big profit for a young developer.
The garage at 951B Greenwood Avenue was another sign of incredible Toronto real estate prices when it was listed at $ 600,000 in 2019 and then again last year at $ 729,000.
At the time, the garage was being sold as a “rare opportunity” to build on 20 feet by 100 feet of land in Danforth Village.
The property was sold for $ 712,000 in March 2021 to Andrew Gabriel, a 22-year-old developer, according to a CBC report.
While many were horrified that an abandoned garage could sell for so expensive, Gabriel saw it as an opportunity and told CBC he hoped a modern house he was building on the site would sell for between $ 1.8. and $ 2 million.
The developer hired Contempo Studio Team to create the modern house in place of the garage, which has already been demolished.
The narrow terrain presented a challenge, Contempo Studio Team founder and lead designer Marin Zabzuni told blogTO. They came up with a 1,200 square foot three bedroom house to fit on the land.
“It is one of the smallest modern houses that we have designed,” Zabzuni said.
Zabzuni says the lot was separated from a large piece of land several years ago and they were limited in what they could build. Gabriel wanted to build as soon as possible and hopes to put the house on the market this spring. So that meant they couldn’t wait for minor exemption approvals from the city.
Gabriel also didn’t want a “flat, boring box,” which is very common these days.
They worked creatively to build on the narrow lot, adding a parking garage that opens to the front of the house.
Horizontal seams have been used to make the house appear wider, and floor-to-ceiling windows open up the space inside to make the interior brighter.
They also enlarged the basement compared to the first floor of the house (the basement does not add to the total square footage), providing enough space for storage or other possible future uses.
Although the land is small, it is quite long allowing for a good sized backyard.
The restrictions and limitations made for a good challenge.
“So that actually makes it more interesting for us and yeah, it’s a fun project,” Zabzuni says. “And it turns a lot of heads so I can’t wait to see it actually built. “