440 Birchmount

[Sasha]

Hi,

Never put in a bid for this Toronto property, though the assessment value was over $600,000.  Did anyone go to the sale?  Does anyone know what the amount of the successful tender was?  Just wanted to know if it was close to the assessment value.

Thanks,
Sasha

[Ion]

Sold for minimum amount $39,200
Only one bidder

[Sasha]

Hi Ion,

Are you sure it was the 440 Birchmount Rd. property in Toronto?  The land alone is worth much more than that!  Its assessed at $600,000 though the business isn't operational and it needed cleaning up, a previous fire or something.  Like I said, the land alone is worth more.  Thats amazing!

Sasha

[Ion]

Nick Nadeo from the City of Toronto told me that.

[frugal]

This was the former home of AstroChrome ... this land has environmental issues.  They were in court with the Ontario government over cleanup...but I have no idea how it concluded....probably not well as they don't exist anymore.

[Sasha]

Hi,

I know the former owners had a mortgage on the property, I'm not sure if it was paid off, the mortgage was more than 100,000.  If they bought they're own land back, they could have cleaned up the building and cleaned up the property, like I said, the land was worth more than 39,000.  Though, I don't know how much it would cost to clean up the damage from the fire or clean up the building.

Sasha