Value of South Etobicoke Houses?

[Admiral Beez]

A friend of mine just bought a house on Lakeshore Drive in South Etobicoke, facing the Lake directly across the street from Cliff Lumsdon Park. Here's the link to the location http://maps.google.ca/maps?oe=UTF-8...923,-79.50134&spn=0.004227,0.008175&z=17&om=1

It's a bungalow, and cost him about $640,000. I took a drive over and have to say that the neighbourhood and public spaces looked pretty run down for that price range, and with lots of strip malls just up the road.

For that price you could buy my five bedroom three floor plus basement semi in Cabbagetown, and still have coin for Jet Fuel. Is South Etobicoke the new boom market?

 

[scarberiankhatru]

Uh, what if he doesn't want to live in Cabbagetown?

 

[Jarrek]

That's a good location, I'm in South Etobicoke as well (near Long Branch)

I bought a triplex in the area for $449,000 two years ago. It's worth at least $600,000 now, and we've renovated it.

There's a new semi on my street selling for $500,000, and a new detached that just sold for $750,000.

Pretty crazy stuff.

 

[Admiral Beez]

Uh, what if he doesn't want to live in Cabbagetown?

Definitely to each their own. I wouldn't want to live in South Etobicoke for example. I just used the Cabbagetown example, since I know what houses are worth in the area, and like the area myself.

 

[Edward Skira]

I'd say its an up and coming area. That it seems rundown helps. As it improves prices will quickly rise. The location is what counts here. You're 10-15 minutes by car from downtown and the airport. I have a friend that lives in the area. She works downtown, he works in Oakville along the QEW. Both can get to work and home quite quickly.

 

[Observer Walt]

The key to your friend's situation is the waterfront location. Properties on Lakeshore Drive, in New Toronto, and a little farther west on Lake Promenade, carry a real premium.

That being said, south Etobicoke is hot at present. It's definitely an "up and coming" neighbourhood. A lot of townhouses have gone on infill sites. The commrcial strip along Lake Shore Boulevard is improving, as is the whole strip along The Queensway. The Humber College campus and Samuel Smith Park form an attractive green space which I think many people don't know about.

 

[AndreaPalladio]

Absolutely. The properties south of Lakeshore, that have water access, are like having a cottage in town. Expensive, but sooo worth it.

 

[notyouagain]

The area is certainly improving but there's still a large crime problem, especially drug dealing and prostitution.

 

[scarberiankhatru]

Many of those lakefront properties are susprisingly modest and unMcMansionized...maybe it's because of how narrow most of their lots are?

 

[Filip]

I live in a townhouse development in front of Grand Harbour (by Humber Bay Shores).. Our house value more than doubled in 5 years.. Definitely a great area to invest in!