WATCH: Visit the east-end #Toronto neighbourhood where this tiny 'tear-down' bungalow sold for $1,000,000. @jamesontheradio reports. pic.twitter.com/HOoV4YCe2h
— NEWSTALK1010 (@NEWSTALK1010) February 9, 2017
It's not much to look at. A tired-looking grey brick exterior, an uninviting parking pad and it's dwarfed by bigger homes on either side.
But it doesn't matter.
The 104-year-old home at 69 Muriel Ave near Danforth Ave and Pape Ave sold well over its asking price. The Globe and Mail reports the bungalow listed at $679,900 sold last week for more than a $1 million.
Royal LePage trumpeted the property as a "chance to build a fabulous new home", appealing to "builders, contractors, renovators and envisioners".
The Globe says the departing owners bought the home and its 20 ft by 78 ft lot in 1966 for $10,000--$73, 000 adjusted for inflation.
The Toronto Real Estate Board reports the average cost of a detached home in Toronto was $1.34 million in January.