Homes in South Annex
The signature street in the
South Annex is Palmerston Boulevard. Stone and iron gateposts, one on College Street and one on Bloor Street, set the tone for this distinctive boulevard which also features decorative cast iron street lamps, ancient trees and grandiose homes.
Overall, the houses in the South Annex come in a variety of shapes and sizes. Each house is whimsically decorated with Victorian accents that all blend together to form one of the most pleasing streetscapes of any Toronto neighbourhood. Most South Annex homes are built circa 1870s to 1910.
South Annex Neighbourhood Real Estate Update
The South Annex neighbourhood in Downtown Toronto has long been overlooked by Toronto homebuyers. Those who had the foresight to buy homes here in the past are now been richly rewarded as this neighbourhood is now in big demand. Katrina McHugh, Sales Representative for Graydon Hill Realty and the TorontoNeighbourhoodGuide.com real estate sponsor for the South Annex neighbourhood confirms that the "South Annex is in fact excelling at an alarming pace…some properties south of Bloor are now going for over 1 million!! which would have been unheard of 2 years ago. Being in the heart of the U of T district, this area will always maintain its value and continue to exceed (in my professional opinion)"
To date in 2012 there have been a total of just 20 sales in the South Annex as inventory is tight. This lack of supply coupled with great demand is one reason why home prices in this neighbourhood are on the rise. There have been 16 semi-detached and attached homes sold for an average of $904,000. Just 4 detached houses have sold so far this year - these are rare in this neighbourhood and command a premium - for an average price of $1,362,500
Home buyers are flocking to the South Annex neighbourhood for many reasons. McHugh explains: "This area is attracting people looking to be within walking distance of shops, cafes, Harbord Village, Chinatown, Kensington market, Korea Town, JCC, U of T athletic centre, excellent schools, ROM, book stores, fine dining etc…..lots of large single family homes for those with big families looking for a sense of "community", as well as first time home buyers (professional couples) looking to start a family in this vibrant neighbourhood…..lots of investment properties in the area as well given the large and ever expanding U of T student population." More than half the sales recorded in this market report had more than one dwelling. A basment apartment to help offset the mortgage is not hard to find.
The average days on the market this year for a South Annex home is just 18 days. McHugh adds: "There is not much available and it does not stay on the market for long!! Housing stock is mixed with single family, duplex and multi unit. McHugh adds: "The South Annex has a strong appeal to buyers due to its strong residence association and community involvement…. Laneway naming, neighbourhood clean up, heritage conservationn, Annual Fall fair, Annual Pumpkin festival, tree planting initiative, keeping new liquor licensing applications to a minimal, and an all around community feeling.
If you love Victorian architecture you will love the South Annex which is chalk full of character homes. Interior details include high ceilings, stained glass windows, beautifull fireplace mantels, plaster mouldings and ceiling medallions, tall baseboard trim, radiators with scroll designs, and hardwood floors. Exteriors are defined by Victorian gables and some houses have front porches and maybe even the original slate roof. Public transit is close by so you don't need a car however many homes come with some form of parking whether it be a driveway or off a laneway at the rear. There may also be front yard or permit street parking available with certain houses on specific streets but this is best to check with a neighbourhood expert like Katrina McHugh to source out all options.
If your planning on buying a home in the South Annex neighbourhood, McHugh offers this advice: Do your homework, have your financing in place and be ready to go when your dream home comes on the market…be diligent about home/termite inspections, be aware where the house is located (on a heritage designated street, next to a multiplex rented to students, too close to a main street or bar..) select an agent who is familiar with the area and can give you expert detailed advice about the neighbourhood, the community and possibly will even know your new neighbours!!
* South Annex neighbourhood insights provided by Katrina McHugh, Sales Representative, Graydon Hill Realty Ltd., Brokerage. You can reach Katrina Direct: 416-833-5900, Office: 416-922-1142 or email: email@example.com
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