The Flip Side

In the age of constantly rising real estate prices, the mom-and-pop entrepreneur can earn a hefty return buying, fixing and flipping properties. Herewith, one couple’s story, plus four recently renovated luxury homes that are back on the market.

In the Harmandayan household, real estate is a family tradition. Greg Harmandayan’s father entered the construction business when he was just 14. Now Harmandayan, a new father himself, has decided to try his hand at the home-flipping business. And it all started when he spied an old home in the Annex.

“I just remember walking in and there was that rotunda — you can’t find a rotunda anywhere in the city these days,” the local resident recalls. “The price was right, and I knew that if you could see Casa Loma from outside you’re in good shape.”

In early 2007, with the support of his wife, Corina, Harmandayan made an offer and bought the place for $780,000. He was going to try renovating it and putting it back on the market. “The worst-case scenario, I knew I would end up living in it. I wanted to make sure the house would be somewhere where you could grow a family. It needed to be absolutely perfect,” he says of the home at 175 Spadina Rd.

In the end, Harmandayan had to gut a lot of the house. He removed stairs and added an extension onto the back. Along the way, he also found some surprises, such as the coal chute that he uncovered from 1910. And a secret room in the basement: “We had no idea. We didn’t uncover it until we knocked some brick down.”

In 2008, Harmandayan hammered his last nail. The next step was to sell the place. When the recession hit, however, Harmandayan changed his mind. He rented out the property to a professor and decided to wait out the slump.

This past June, he decided he had waited enough. He co-ordinated with his broker, Debi Stone, and put the place on the market for $1.5 million — double what he originally paid. And while waiting for the perfect family to make an offer, he’s also scouting out his next project.
“Seeing something in its original state and then seeing the end result — it’s the best reward.”

More panache in Moore Park


This revitalized midtown marvel is on a quiet dead-end street and only a short walk away from shops, restaurants, schools and parks.

Listing price: $2,980,000
Bought by owners in 2009
Address: 160 Heath St. E.
Intersection: Mount Pleasant and St. Clair
Size: 25 x 97 feet
Agency: Keller Williams Real Estate
Special features Gutted and renovated four-bedroom home includes heated flooring, a nanny suite that includes a separate entrance, and a gourmet kitchen.

Modern times at York Mills find


This sleek beauty was renovated in 2008 and has a gamut of added luxuries, such as a home theatre and maple and porcelain flooring.

Listing price: $1,698,000
Bought by owners in 2007
Address: 5 Sulgrave Cres.
Intersection: York Mills and Bayview
Size: 70 x 146 feet
Agency: Re/Max Realtron Realty
Special features Contemporary look, basement apartment, custom kitchen with Italian cabinetry, home theatre, saltwater pool within a garden oasis, walking distance to schools.

North York place has added taste


This renovated rarity is not only a find, but a find with earning potential — the finished basement has a separate entrance and new Berber carpet.

Listing price: $1,169,000
Bought by owners in 2009
Address: 585 Old Orchard Grove
Intersection: Bathurst and Lawrence
Size: 50 x 150 feet
Agency: Adenat Real Estate Ltd.
Special features Finished basement, renovated kitchen and bathrooms, hardwood flooring, new carpet, four bedrooms and walking distance to shopping, library, transit and synagogues.

A refreshing feel in Richmond Hill


This classy casa is all about the details, such as the stone flooring and the claw-footed tub in the bathroom, plus it’s only a walk away from beautiful Mill Pond.

Listing price: $1,048,000
Bought by owners in 2008
Address: 191 Mill St.
Intersection: Yonge and Major Mackenzie
Size: 60 x 153 feet
Agency: Re/Max Ultimate Realty Inc.
Special features Upgraded top to bottom, new custom kitchen with artisan limestone flooring, crown moulding, ensuite master bedroom, spa-inspired bathroom.

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