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May 16, 2012

How Much Will You Pay for a 1BR Victorian?


I stopped in at 284 Collingwood out of curiosity on tour yesterday. The 1BR/1.5BA Victorian single-family home sparked my interest because it is listed for $1,560,000 (for a 1BR house).

The current owners paid $1,250,000 in cash for the property in 2007, and completed a major renovation and extension a couple years later. The house is lovely, with a floor plan that works and a nice garden, as well as room for two- to three cars. And you can’t beat the Castro location.

However, the fact remains that 284 Collingwood only has one bedroom. So the buyer pool is certainly narrower. Despite these odds, there are multiple buyers interested, and the sellers have set an offer date. I’m sure everyone on the seller side is hoping for a cash offer, because there are no comps out there at this price point for a 1BR house in the neighborhood. I suspect, though, that the next owners will be creating some new comparative sales data that will bode well for other 1BR Victorian homeowners who may be considering selling.

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