oshawa

[al-rasid]

I've become interested in tax sales,What I don't understand is why an owner would not pay his taxes like the one in Oshawa at 134 Simcoe St., South.

[baller50]

dead, lazy or have no money to pay

[drago408]

All kinds of circumstances could arise,  job losses, death of the owner(s) with no will,  foreign owners,  etc.

Btw, anybody have any info on the house at 73 Rowe St. in Oshawa?

[ErnestBidder]

   134 Simcoe St S has been struggling for years: busy corner with no parking to speak of, some sort of recovery/halfway house directly across the street, and you may be getting only the one storey storefront on the corner, and not the house in the rear.  From years ago, those joined storefronts are not in the best of shape. This particular store has seen a number of variety/dollar store proprietors.

  Rowe St looks like a tenanted property: you  may have an owner, with no family, who has fallen ill, or is deceased; if no one comes around to collect the rent, no bills get paid. The property has the look of not being kept up. You may have to wait to get the tenants out, and then who knows what it looks like inside. It is a decent area, though. Check googlemap streetview: mostly owner occupied & kept up, so this could be a buy for the careful bidder.

  Olive Ave looks interesting at first glance, but the building(s) have been torn down, leaving a vacant lot, in a worn area. Fifteen/twenty years ago, you could buy a double unit here for the assessed value.

[ChrisCentral]

A little googling will reveal that 134 Simcoe sold recently...

[drago408]

Thanks for your input Ernestbidder, Chriscentral   

[g2020]

   134 Simcoe St S has been struggling for years: busy corner with no parking to speak of, some sort of recovery/halfway house directly across the street, and you may be getting only the one storey storefront on the corner, and not the house in the rear.  From years ago, those joined storefronts are not in the best of shape. This particular store has seen a number of variety/dollar store proprietors.

Since the assessed value of this property is $422,500.00 then the information shown on the OTS site is probably correct. That is, all 5 residential units and store fronts are most likely what you are bidding on. Yes, the assessment may be high as is often the case with stores, but I doubt that they are that far off. This property would not be exempt from HST as a used residential dwelling firstly because there are more than 4 residential units and secondly due to the commercial component. For example if you paid $250,000.00 and flipped it for $300,000.00 including any HST then you would actually lose $10,000.00 assuming 13% HST, 5% realtor fees, and 2% for land transfer tax, legal fees and property tax adjustments.

In the unlikely event that this property gets sold then you certainly need good legal support, with not just a title search, but also a sub search to unearth any last minute lien additions by CRA.

[Tri-Target]

For those of you who are not yet aware, Chris was right on the money with this one - We have just been informed that the Tax Sale for the Property @ 134 Simcoe St., S in Oshawa - Has been Cancelled by the City!

Here is the link - http://www.oshawa.ca/cit_hall/tender_details.asp?nid=735

+ 1 Karma for Chris!

73 Rowe St. was Cancelled right before the sale

[pjdd]

73 Rowe St was cancelled at 2 o'clock lucky I did not drive 2 hours to find that out....

154 Olive Ave had four bids.....winning bid 15,000 not sure what the motive was; anyhow take a look at ErnestBidders post he makes a very good point.

[g2020]

I applaud you for the update. I also decided to pass due to the weather and high probability of cancellation. I saved a 2 1/2 hour drive. Sharing information on results is a valuable part of this forum and I will do what I can in return.

[ErnestBidder]

 Lived in Oshawa for 40+ years, and was often surprised at the imagination displayed by entrepreneurial renovators/builders for what I thought were useless lots. Multiples of those Olive Ave row houses are owned, by investor individuals, as rental properties. They were "temporary" wartime houses: going down the basement stairs in one unit, you could see the lath that backed up the plaster wall of the adjoining unit! I wouldn't be surprised to find a few owners with master plans for a land assembly. You'd be surprised at just how many years encompass "mid-range" and "long-range" planning by some investors.