These properties are listed for $1 in Mississauga and Brampton but what does that mean?
Published March 29, 2023 at 1:00 pm
Anyone looking at real estate in Mississauga and Brampton may have noticed the occasional property listed for $1.
While home prices have dropped recently, there are no properties in the GTA that would sell for so little.
The $1 listing is a tactic to get more people looking at a property, according to a report from real estate brokerage and website Zoocasa.
“Simply put, a home is listed at just a dollar to try and entice more interest from prospective buyers,” Zoocasa notes.
People with various budgets may be tempted to check out the property.
This strategy does work occasionally, Zoocasa notes.
A studio condo at 215 Queen St. E. in Brampton, for example, was listed for $1 and sold at the end of February for $385,000. The unit sold fairly quickly too — in just one week from listing — indicating the strategy worked in this case.
Photo via Own it Realty
This condo was small, under 500 square feet, but it featured an open-concept layout and views of the city from the balcony. Plus it is a central location close to shops and restaurants.
More often the properties listed for $1 are vacant lots being marketed to developers.
Here are three properties listed for $1 right now in Mississauga and Brampton:
575 Byngmount Ave. Mississauga
This property in Lakeview is a vacant, residential lot on a quiet street, according to the listing. Given the fact that homes are sold for over $1 million in this area, this property will likely sell for much more than the list price.
1721 Dundas Street East, Mississauga
This two-acre property in the Dixie area already has a plan for re-development, according to the listing. Currently, a car dealership and single-family home are on the property. But plans were submitted to the City of Mississauga to build two mixed-use towers with residential units.
On the plus side: the “property is not located in floodplain.” Also, there is cash flow from short-term leases.
12 Henderson Avenue, Brampton
This is another property slated for development.
According to the listing, there are plans to build a 13-storey building here with 293 residential units. The piece of vacant land is within walking distance of Brampton GO Station.
To see the full story from Zoocasa, click here.insauga's Editorial Standards and Policies advertising