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I ran out of time for today’s video because I had to take my car in for service. So instead, we have a song from one of my favourite albums, “Walking Wounded” called “Wrong”, even though the description may not be wrong, but it’s confusing and unclear.
Let me explain…
Normally square footage is referred to as the main living areas, including stairs and closets, but not garages or “under grade” levels like a basement. So when a home says “just under 3000 sq.ft.” and the ACTUAL floor plan is this one, there’s a bit of a disconnect. That’s more than 400 square feet difference.
Even if they’re including the basement finished area (quite possible), the value for basement finished space is probably 25-50% of the value of the above grade finished space. We see people lump them together a lot, but as long as a buyer isn’t paying the same for the finished area in the basement as a true “just under 3000 sq.ft.” home, they should be okay.
Besides that, when I did the numbers on Barton, I don’t love it as a “cash flow positive” property for the $2550/month that it generates, but I see potential in the land, which alone is probably worth somewhere close to $450k to a builder. Most of the lots in this area don’t even hit MLS – someone scoops them up before that.
Denyes looks to me like the best deal out of the bunch. I know it’s between 2000-2500 square feet, with four bedrooms and a loft upstairs. It’s across from a park and Bruce Trial P.S.