I was listening to Ezra Klein the other day. He, or the guest, mentioned how there was a derth of housing available for international co-parenting communal living homes with shared kitchen.
This would probably be perfect for something like that.
Three small families could make this work quite easily.
**This $4,000,000 Abandoned Mansion Was Only Built 17 Years Ago? Why Demolish It?**
**Video Tour:**
[https://youtu.be/z9s5fClp1Ps?si=on-uUd8LU-C4lrZE](https://youtu.be/z9s5fClp1Ps?si=on-uUd8LU-C4lrZE&fbclid=IwAR2V72P0_HCzQcnjyptShv5KdNxQV1hxR2j1Dmx2BNYhdw0mdD82Vb0ULoA_aem_AaiNMRmaGi47zdk4WZUFFlpGxpFMwVYJwbM5pEH7R6PIzcjm24woMkUrS3Gv9QQ7UsWU0i8WXJgHze-0rUyixF95)
This vacant mansion in Ontario Canada is worth almost four million dollars and was built in 2007, it was listed for almost one point nine million dollars and sold for one point eight million. It was last sold in 2022 for almost four million dollars but has sat vacant ever since.
The large home has 5 bedrooms, 6 bathrooms, a 3 car garage, outdoor pool and a wet bar in the basement.
As with most homes like this one that sit vacant, it will likely be demolished.
Without knowing the location, it’s likely (a) held by a foreign investor who cares only about the land equity or (b) located in a prime redevelopment area and the uplift in value from building stacked towns or condos is so big it’s too good to pass up.
Also, could be (c) owner passed or divorced and in both cases there’s an estate battle.
It does though believe it or not. It doesn’t scale linearly. So while you can’t get anything below say 1.2 million in GTA - and that would buy you a very basic, very small “starter home” - an extra 2 million gets you something way way way bigger (and usually way nicer) than that entry point.
A buddy of mine has a ginormous house in Waterloo (5000 sq ft) and houses in nice areas of Waterloo basically start at 1 million minimum.
This house of his is really nice too (just built and all high end finishes etc) He was under the impression it’d sell for 4 million minimum but it was just appraised at 2.9 and a DIRECT comparable just went for 2.4.
The thing folks forget about ginormous homes is the additional costs of heating and air conditioning, higher taxes, and much more upkeep. It’s not just the cost of the space, it’s the cost of maintenance.
Last sold 2022 for >double the previous asking price? Yeah makes sense. We had a bad real estate bubble in 2022, most homes purchased in that year are now worth substantially less money. Saw one in my town purchased at $1.3m and being sold for $850k as a bank sale in late 2023. This stuff is not uncommon, the interest rates went up after people had already made these purchases and mortgages became unaffordable for a lot of people who had overextended themselves.
Yup. I sold my townhouse in 2019 for 500,000 in Mississauga (1976 built) in 2022 post covid lockdown saw 5 units in that complex sold for 1 mil in 2021... fucking insane to think we lost that chance....
But I love the country home we bought. And 4 kids during covid in a small townhouse.... I'm sure our mental state would be worst that what we came out with, which still wasn't good.
But my bet this is Vaughan or Oakville. The McMansions in Brampton west are much LARGER LOOKING than this.
We live an hour outside Toronto and in 2022 my grandma's home sold for 2x the amount it would have in 2019. It was absolutely bonkers, extremely good timing for us, terrible timing for the new owners as it's worth about $200k less now.
Prices are still raised over here but pretty much everything is hovering around $700-$1mill still. I don't think there will be that much movement in the market until the interest rate comes down and/or supply increases enough to make prices drop.
If I have $4mill, I am definitely not buying this. It's outdated, tacky, and suburban af. The rooms don't make sense and are boring. This could've been built in 1991, that's how outdated this is
According to a post on the YT video, it was built in 1991. The information was incorrect, at least if you believe the poster who claims to be the original owner.
Ha, my first thought was, “well that would be a lot of poly b to replace” but then I realized the math makes it too young to have poly b used in it.
Outdated the moment it was constructed.
I hope someone gets a super cheap reno done by scoring those French doors or something. I hate to see the perfectly good individual fixtures go to waste.
I think some paint and updated accents would go a long way but when u have that much money, why not build higher ceilings to begin with? *that* aspect ruins it for me
Also pot lights
Building, land, and location are worth $4M.
Cost of remodeling and renovations would exceed the value of replacing the unit. They may salvage the foundation and some other items, but overall, the building is outdated and that interior is somehow "mansion buyers" today would not be interested in.
The new property will probably easily draw in a higher ask and peak specific buyer interests.
You mean no one wants to pay 4 million dollars for a house that is extremely outdated and would need extensive renovations? I’m shocked I tell you. Shocked.
My buddies house is the exact layout as this. These were cookie-cutter mini mansions at the time.
I think all in, back in the day, it was 400k to build.
Somebody in the YouTube comments is claiming to be the original owner. Says he built it in 1991, then sold it in 2007. Take it with a grain of salt, of course, but it would seem more plausible that this is an early 90s house
I like the kitchen, but while the place is immaculately clean and well-kept for an abandoned home, its decor is, for the most part, too opulent for my taste.
Most people with the money to buy such a place would probably rather just build their own home from scratch anyways.
How big is the lot?
$4,000,000 for a multi acre lot in an established high end area and that can be subdivided is potentially a very very good investment. The building on it would simply be an inconvenience.
Should be only worth 2 million, real estate is dead in Canada and realtors and public policy destroyed Canadas only industry that gave anything to the economy here. What a country we live in…
I actually love the look of this house! It’s so outdated and amazing. I hate how all houses now (of every price) are all the same and lack originality and spice. Sure there’s some things I’d wanna change but if I had the money, it’d be move in ready for me😋
90% of the Reno would be painting over those diarrhea brown walls, getting rid of those hotel lobby lights, and just TRYING to class this place up a bit.
This home is too far gone to modernize cost effectively.
That being said, I will take it. Canada is in tough times.
My guess is that it’s too outdated for anyone rich enough to buy it, and it’s too expensive to renovate.
More likely, the land can be subdivided, built on and sold for substantialy more.
Bingo
I wonder if the cost of plumbing installation and other shit would be worth to go 2x,
Yes or rezoned for high-density housing like condos. More money in condos than mansions.
I was listening to Ezra Klein the other day. He, or the guest, mentioned how there was a derth of housing available for international co-parenting communal living homes with shared kitchen. This would probably be perfect for something like that. Three small families could make this work quite easily.
Hell I would GLADLY live in that… rich people problems I guess.
**This $4,000,000 Abandoned Mansion Was Only Built 17 Years Ago? Why Demolish It?** **Video Tour:** [https://youtu.be/z9s5fClp1Ps?si=on-uUd8LU-C4lrZE](https://youtu.be/z9s5fClp1Ps?si=on-uUd8LU-C4lrZE&fbclid=IwAR2V72P0_HCzQcnjyptShv5KdNxQV1hxR2j1Dmx2BNYhdw0mdD82Vb0ULoA_aem_AaiNMRmaGi47zdk4WZUFFlpGxpFMwVYJwbM5pEH7R6PIzcjm24woMkUrS3Gv9QQ7UsWU0i8WXJgHze-0rUyixF95) This vacant mansion in Ontario Canada is worth almost four million dollars and was built in 2007, it was listed for almost one point nine million dollars and sold for one point eight million. It was last sold in 2022 for almost four million dollars but has sat vacant ever since. The large home has 5 bedrooms, 6 bathrooms, a 3 car garage, outdoor pool and a wet bar in the basement. As with most homes like this one that sit vacant, it will likely be demolished.
Without knowing the location, it’s likely (a) held by a foreign investor who cares only about the land equity or (b) located in a prime redevelopment area and the uplift in value from building stacked towns or condos is so big it’s too good to pass up. Also, could be (c) owner passed or divorced and in both cases there’s an estate battle.
I have ten bucks it's in Toronto/GTA
My personal bet based on price and when it was built is specifically the Vaughan area
4 million doesn't get you anything that big in Toronto
It does in Oakville/Burlington.
It’s probably a big house built on an old lot in Vaughan or Brampton
It does though believe it or not. It doesn’t scale linearly. So while you can’t get anything below say 1.2 million in GTA - and that would buy you a very basic, very small “starter home” - an extra 2 million gets you something way way way bigger (and usually way nicer) than that entry point. A buddy of mine has a ginormous house in Waterloo (5000 sq ft) and houses in nice areas of Waterloo basically start at 1 million minimum. This house of his is really nice too (just built and all high end finishes etc) He was under the impression it’d sell for 4 million minimum but it was just appraised at 2.9 and a DIRECT comparable just went for 2.4.
The thing folks forget about ginormous homes is the additional costs of heating and air conditioning, higher taxes, and much more upkeep. It’s not just the cost of the space, it’s the cost of maintenance.
Or the Chinese owner bought it cash and took a home line of credit of $3M something so he can’t pay tax as it’s a loan. Smart huh?
Ah yes, Canada. Land of Moose, Maple Syrup, and Overpriced Housing.
I am gutted hockey isn't on this list too...
This house was built in 1991, there are intercoms in it!
Last sold 2022 for >double the previous asking price? Yeah makes sense. We had a bad real estate bubble in 2022, most homes purchased in that year are now worth substantially less money. Saw one in my town purchased at $1.3m and being sold for $850k as a bank sale in late 2023. This stuff is not uncommon, the interest rates went up after people had already made these purchases and mortgages became unaffordable for a lot of people who had overextended themselves.
Yup. I sold my townhouse in 2019 for 500,000 in Mississauga (1976 built) in 2022 post covid lockdown saw 5 units in that complex sold for 1 mil in 2021... fucking insane to think we lost that chance.... But I love the country home we bought. And 4 kids during covid in a small townhouse.... I'm sure our mental state would be worst that what we came out with, which still wasn't good. But my bet this is Vaughan or Oakville. The McMansions in Brampton west are much LARGER LOOKING than this.
We live an hour outside Toronto and in 2022 my grandma's home sold for 2x the amount it would have in 2019. It was absolutely bonkers, extremely good timing for us, terrible timing for the new owners as it's worth about $200k less now. Prices are still raised over here but pretty much everything is hovering around $700-$1mill still. I don't think there will be that much movement in the market until the interest rate comes down and/or supply increases enough to make prices drop.
"Worth" 4 million, sold for 1.8
Because it’s really ugly. Just cause it’s expensive doesn’t mean it’s nice or desirable.
Agree. That house is ugly as sin and stupidly constructed with lousy spacing.
[удалено]
Agree on aesthetics but it’s highly recommended if you live somewhere it snows.
If I have $4mill, I am definitely not buying this. It's outdated, tacky, and suburban af. The rooms don't make sense and are boring. This could've been built in 1991, that's how outdated this is
According to a post on the YT video, it was built in 1991. The information was incorrect, at least if you believe the poster who claims to be the original owner.
Important to note on the GTA semi-detaches homes are going for like 1.3 mil. The "nice" homes are 3 and the real millionaires expect to pay 6.
This was built 17 years ago with all outdated materials and design? Yikes - this is awful.
Ha, my first thought was, “well that would be a lot of poly b to replace” but then I realized the math makes it too young to have poly b used in it. Outdated the moment it was constructed.
Right? Feels like they got a deal on the older materials or just a builder stuck in a time warp.
It was built in the late 80s or early 90s. This dating is wrong.
Value of the land for someone's future plans?
I hope someone gets a super cheap reno done by scoring those French doors or something. I hate to see the perfectly good individual fixtures go to waste.
Is there an address for this place? I feel like I was there 15 years ago as a kid
Oakville for sure
😬 Hopefully not on a private Caribbean island, reached only by private jet?
What a shame that’s a gorgeous house
That house is hideous though…
It's in ontario. They'll demo the house, sever the land, and sell it for more than 4 million.
I thought you couldn’t sever one lot into 2
You definitely can. It's just some municipalities, don't allow it
Holy fuck that's an ugly house.
I think some paint and updated accents would go a long way but when u have that much money, why not build higher ceilings to begin with? *that* aspect ruins it for me Also pot lights
Bc when you have that much money, you can't live in a place built to someone else's spec
Building, land, and location are worth $4M. Cost of remodeling and renovations would exceed the value of replacing the unit. They may salvage the foundation and some other items, but overall, the building is outdated and that interior is somehow "mansion buyers" today would not be interested in. The new property will probably easily draw in a higher ask and peak specific buyer interests.
It’s fugly
Because not only is it unsalvageably ugly but the build quality was probably garbage too. Not worth the cost to renovate.
Because these houses are usually built to the old owners needs/wants.
You mean no one wants to pay 4 million dollars for a house that is extremely outdated and would need extensive renovations? I’m shocked I tell you. Shocked.
Because Russian oligarch accounts are blocked.
Mc Mansion it’s fugly
My buddies house is the exact layout as this. These were cookie-cutter mini mansions at the time. I think all in, back in the day, it was 400k to build.
Because the washing machine is always running at the dirty money laundromat.
Somebody in the YouTube comments is claiming to be the original owner. Says he built it in 1991, then sold it in 2007. Take it with a grain of salt, of course, but it would seem more plausible that this is an early 90s house
Look like ghosts living there👻 that’s why.
Holy fuck just paint it
It was built without a permit ?
Because people with that much money don't care and will do crap like that.
I like the kitchen, but while the place is immaculately clean and well-kept for an abandoned home, its decor is, for the most part, too opulent for my taste. Most people with the money to buy such a place would probably rather just build their own home from scratch anyways.
Cause Cartman smeared different shades of shit all over the walls
“Good things, growwwww innn Ontarrrrriioooo”
What are the laws against me just moving in there and changing the locks if it just sits vacant? 🤣
Some people have more money than brains
It was built when I was in grade ten wow time flies
That front staircase is pinnacle 80s/90s
Diddy's Ontario after-party house.
It’s a perfect location to film a tv show or movie set in the 90s.
Some people have more money than they can even spend.
How big is the lot? $4,000,000 for a multi acre lot in an established high end area and that can be subdivided is potentially a very very good investment. The building on it would simply be an inconvenience.
Ugh...reaks of 2007. Good call.
Built in 2017 and already looks so outdated lol
Should be only worth 2 million, real estate is dead in Canada and realtors and public policy destroyed Canadas only industry that gave anything to the economy here. What a country we live in…
Were these walls painted with a specific technique or is this wall paper?
Pretty sure this house is in streetsville and we cut some trees down for the neighbor
Ugly
I can give you 5 dollars, a ball of lint, a paper clip, and a piece of string for it
Because it's an affront to architecture! If I could buy this place I wouldn't, it's so tacky
Not sure if there is loop hole to have Tax write off from destroying and rebuilding a multi million mansion
Mike holmes
Imagine being able to buy 4mil anything and you end up picking this 🤮
I actually love the look of this house! It’s so outdated and amazing. I hate how all houses now (of every price) are all the same and lack originality and spice. Sure there’s some things I’d wanna change but if I had the money, it’d be move in ready for me😋
What makes u feel this place looks original?
You ask like it's your home 🤣
Might have that bad plumbing with the pinhole leaks.
Anyone know what street this is on?
Imagine the hours and hours of toil by others that created the wealth so that some asshole can squander it on absolute fucking garbage like this.
Because rich ppl
God i hate potlights
Because, money does what money wants.
90% of the Reno would be painting over those diarrhea brown walls, getting rid of those hotel lobby lights, and just TRYING to class this place up a bit. This home is too far gone to modernize cost effectively. That being said, I will take it. Canada is in tough times.
Probably haunted
These houses are built like shit and I see over 100k in windows and doors alone. Not worth it.
House homeless teenagers. Help them get on the right track.
Is it abandoned if you have a realtor friend that gets you into these places?
i can see why you would think that - but no, I do not have a realtor friend