CAROLYN IRELAND From Saturday's Globe and Mail Published Friday, May. 04, 2012 11:21PM EDT Last updated Friday, May. 04, 2012 11:30PM EDT <\/p>\n
Real estate in Torontos Beaches neighbourhood is striding toward a new milestone: A grand house on the shore of Lake Ontario hit the market this week with an asking price of $8-million. <\/p>\n
Even the owner had trouble seeing the potential when he bought the higgledy-piggledy property for $2.8-million in 2007. <\/p>\n
Back then, the 1920s estate had long been carved up into six apartments and allowed to fall into disrepair. Today, 412 Lake Front is a luxurious beachfront refuge with a putting green, wine-tasting room and a swimming pool with walls of glass. <\/p>\n
The owner is a businessman who splits his time between Canada and the United States and asked that his name not be used. He searched for several years for a house on the water and chose this one for its unique position on the shore. <\/p>\n
The land juts out from all of the surrounding houses like a peninsula, so it almost feels like living on an island, he says. <\/p>\n
The property is co-listed with real estate agent Thomas Neal of Royal LePage Estate Realty in the Beaches and Sam McDadi of ReMax Performance Realty Inc. in Mississauga. <\/p>\n
Mr. Neal acknowledges that the asking price has raised some eyebrows in a neighbourhood where the previous high was about $3.8-million for a house that was not on the water. Along the shore, sales in the $3.7-million range have been made for a vacant lot or a house in need of a complete overhaul. <\/p>\n
Mr. Neal said the owner spent about $4-million to transform 412 Lake Front. <\/p>\n
The Beach is growing up, Mr. Neal said. Ive been around long enough to know when $1-million was a lot. <\/p>\n<\/p>\n
More:<\/p>\n
Beaches property's $8-million price tag a new high for neighbourhood<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" CAROLYN IRELAND From Saturday's Globe and Mail Published Friday, May. 04, 2012 11:21PM EDT Last updated Friday, May. Continue reading