This Hamilton home has been making headlines, but not for the usual reasons. Recently selling above its asking price, the home has been garnering attention not because of its curb appeal but because it’s, well, kind of a dump. However, a desirable location and “good bones” have made this run-down century home a player in the heated-up Hamilton home market. Take a look.
Listed for $450,000, this 8-bedroom, 2,400-square-foot home sold for $455,000, $5K above asking. According to the home’s realtor, Wes Malec, the home’s prime location on the corner of Bay and Stuart had a lot to do with it. “There was tons of interest,” Malec told CBC News. “That whole area is the hottest in all of Hamilton.”
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According to Malec, the home was part of an estate sale, and had been owned by the same family since the 1970s. The two-and-a-half-storey brick century home features nine-foot ceilings, a somewhat-recently updated furnace (in 2000) and a fenced yard, offering “amazing views of Bayfront Park.”
As Malec explains, photos of the home’s dilapidated interior captured the interest of the public. When the initial asking price of $540,000 was lowered to $450,000, offers started pouring in.
‘Gutted and Renovated’
Boasting two kitchens (including this one), Malec says the home will require being “gutted and renovated,” but is still attractive in a real-estate market where prices have risen by more than 19 per cent over the previous year.
Bring Your Ideas
From the vintage patterned linoleum to the peeling paint, there’s a lot that should be changed in here, presumably one of the home’s 8 bedrooms.
Pairing powder blue walls with bright red wall-to-wall carpeting is not a design choice that’s seen a lot these days.
‘Horror Movie Set’
, the home is described as looking “like a horror movie set,” and that’s certainly the case in this somewhat scary room.
If you think this home looks scary, this Brantford Home Will Terrify You (Especially If You’re Scared of Clowns).
Use Your Imagination
The possibilities are actually quite impressive when you consider the home’s size, use of space and high ceiling height, which offers a lot of renovation potential.
One Bad Bathroom
One of the home’s two bathrooms, this one is distinguished by plywood patches on the ceiling and a door that’s been taken right off its hinges. Privacy is so overrated.
Mix and Match
There’s no denying the colour combinations throughout the home are… let’s say “unique.”
Lots of Interest
According to the realtor, the home garnered a lot of interest during its time on the market. “This is the best location in Hamilton,” he explains.
The home includes this second kitchen, which opens directly to the backyard.
One of the reasons behind the interest in the dilapidated property stems from the fantastic location and the zoning. “You could build up to 10 stories on that lot,” realtor Wes Malec said. “Contractors look at that as gold.”
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Despite the recent rise in Hamilton real estate prices, a recent Royal Lepage survey indicates that Hamilton remains highly affordable when compared to many other regions of the country.
Malec believes that once the home is renovated and upgraded, it will increase the value to anywhere between $700,000 to $850,000.
“It’s a prime location, that’s why the price is what it is,” explained the realtor.
The fenced backyard offers a multitude of possibilities for a deck, patio and other outdoor relaxation spaces.
Want more? Check out this Charming Heritage Home in Hamilton, Priced at Just $410K.