If you thought Toronto was expensive before, have a gander at what nearly $100,000 can buy you.

Don’t adjust your computer monitor; that is indeed a broken-down garage…

I’ve seen some pretty unique things offered for sale on MLS in my day.

I’ve seen houses where people have been murdered, and a disclosure statement is necessary.

I’ve seen boat-houses where you’re not buying any land, but rather a floating piece of paradise and some sort of marine rights to tie your house to the dock.

I’ve seen a good number of churches up for sale where the hope is that an atheist developer will spend big bucks to turn the holy site into condos.

I’ve even seen a driveway for sale in a bizarre case where two houses were adjoined over top of a driveway that led into a large, open space in the back where somebody could presumably build….something.

But at least in the case of the driveway, there was a place to park your damn car!

As the photo above shows, there is a property for sale that is intended for a car, but “not safe” for one, as per the MLS description.

What you see above is a piece of land measuring approximately 12 feet by 16 feet, located off the back laneway of a home in Roncesvalles.

This property is currently listed for sale on MLS for $99,999, and hasn’t had any takers……..yet!

One look at that photo, and you know you’re buying land-value only, and I use the word “value” lightly because what use could you possibly have for the property unless you have a house that backs onto it?

I’m not sure why this piece of property is registered separately from the home it’s adjacent to, but it is.

Under Land Registry, we can see that every property is laid out the same way, except for this one, where the garage is on a separate title from the house:

As I said – I don’t know why this happened, how it happened, or when it happened, but that piece of land is on a separate title, and can be bought and sold just like the houses that surround it.

In late 2009, the “property” was listed for sale on MLS at $15,000.

It sold in December for $12,000 after 45 days.

We don’t know if the person who purchased the land actually lives on the street, in the area, or on the moon. We have no idea if he uses it, or if this purchase was on spec.

But we do know that he’s looking to make a reasonable 315% profit, annualized, on his modest, Smart-car-sized investment.

The way I see it, there are only three potential buyers for this property:

1) The owner of the property that it’s adjacent to. This person probably wonders why he or she doesn’t have a garage, yet everybody else does.

2) An owner of another house on that laneway, who wants parking for a second car, and is willing to spend an additional $15 – 20K to tear down that awful existing structure, and hammer up a carport or garage.

3) A greater fool. The “greater fool theory” holds that there is always somebody else who is willing to come along and pay an even more ridiculous price for a product in hopes that another greater fool will in turn buy it from him. The owner of this property paid $12,000 and would probably sell it for substantially less than $99,999; for sake of argument, say $50,000. But that buyer would be counting on somebody else to come along years down the road and pay $75,000, or even $99,999 for the property so he or she can profit.

I can’t imagine that anybody is going to consider this an “investment,” so I don’t think that option #3 is realistic.

I suppose that somebody who lives on the block could consider buying the land, building a garage, and using it for a second car, or for a nice place to carry out Dexter-inspired acts of evil inside walls that do not speak. But they would have to be planting some very deep roots in the area in order to do so!

Imagine selling your home 3-4 years down the road, and trying to unload this 16 x 12 foot shed along with it.

Would buyers balk at the idea of adding a shed that is 300 feet from the home to the overall purchase price of that home?

I think many would. Many would want the home, but not the shed that’s located down the alleyway, and to the right.

So then the owner would be right back where the previous owner stared: trying to sell a tiny piece of land in an alleyway, and wondering who the buyer pool could possibly consist of.

Anyways, if you’re reading this, and you’re thinking, “You know something? I could really use a piece of land that’s as large as my current master bedroom, and I do happen to have this $100,000 stashed under my bed,” then call me at the office tomorrow and we’ll get the ball rolling.

Maybe I’ll introduce you to the homeless guy that currently lives in the shed. His name is “I Hate You” and he drinks his own urine…