Property Overview & Key Characteristics
This one-and-three-quarter storey home on Thompson Drive is a classic Birchwood property with a strong, established neighbourhood feel. Its primary appeal lies in its generous 5,697 sqft lot, which ranks in the top 13% for size on the street, offering ample outdoor space in a mature area. Built in 1918, the home is part of the area's historic fabric, a point reflected in its notably low municipal assessed value. The living space is practical at 1,495 sqft, and the property includes a detached garage and a basement that presents an opportunity for future development.
The home would suit a specific type of buyer: those looking for a solid, no-frills foundation in a quiet neighbourhood, who value land size over a modernized interior. It’s a potential match for a hands-on buyer comfortable with a project, an investor seeking a property with a strong land-to-value ratio, or someone prioritizing a large yard in a well-ranked local context over a turn-key home. Its last sale in 2016 at a price significantly above its current assessed value suggests a market perception that sees potential beyond the official valuation.
Frequently Asked Questions
1. What does the low assessed value indicate?
The assessed value is a municipal figure for tax purposes and often lags behind market value, especially for older homes. A low assessment can mean lower property taxes, but the 2016 sale price suggests buyers have historically been willing to pay a premium for the property's location and lot.
2. Is the basement finished or usable?
The listing specifies the basement exists but is "not renovated." Buyers should budget for any desired improvements and consider a thorough inspection to understand its current condition and potential.
3. How does the age of the home (1918) impact things?
While it adds character, it necessitates careful attention. A pre-purchase inspection is crucial to understand the state of major systems (plumbing, electrical, foundation) common to homes of this era. The ranking shows it's among the older homes in the area.
4. The lot is large, but how is the neighbourhood?
The rankings provide context: the property sits on a street and in a neighbourhood where it ranks highly for lot size. This suggests a well-established area with a mix of properties, where this home offers above-average outdoor space.
5. What’s the significance of the detached garage?
A detached garage offers flexibility—it can be used for vehicle storage, as a workshop, or for extra storage without impacting the home's living space. It's a valuable asset, especially on a large lot, but may require its own maintenance.