Two rundown Toronto houses hit the market for whopping $2.7 million

The homes are located at 140 The Queensway in Toronto. (Realtor.ca)

Two houses in Toronto that are described as being "rundown" and "sold in as in condition" have hit the market for a whopping $2.7 million.

The homes, located in Etobicoke at 140 The Queensway and built on the same lot, are selling for $2.75 million. 

The listing doesn't try to hide the current conditions of the houses either, describing them as "two rundown houses."

According to the listing, the property is located in a "prime location" and is in front of a plaza, which includes a Shoppers Drug Mart. 

The listing says the homes are currently zoned as residential but there is "great potential for redevelopment."

Property taxes for the homes costs $6,000 annually. 

Last month, a piece of land with nothing on it besides grass and dirt hit the market in Toronto for nearly $1 million. 

Like property at 140 The Queensway, the reason these listing have such high prices is their land value. 

The Queensway listening is situated on a 64.5 x 128 foot lot. 

If the home was rezoned as retail, the prospective buyer could tear down the homes and turn it into a business. 

The average price of a detached home in Toronto is now well over $1.75 million.