240 Wallasey Street

Property Overview & Key Characteristics

This one-storey home on Wallasey Street presents a compelling blend of established neighbourhood character and significant modern investment. Its primary appeal lies in its substantial, mature lot—at nearly 8,900 sqft, the property offers a level of outdoor space that is increasingly rare and ranks highly within its area. The home itself features a renovated basement, adding valuable finished living space to the 1,180 sqft main floor. A detached garage provides additional storage or workshop potential.

The property’s standout feature is its dramatic financial trajectory. Purchased for $250k in 2017, it recently sold for $510k in mid-2024, indicating strong market confidence and substantial value appreciation. This history, combined with a current assessed value significantly lower than the sale price, suggests the neighbourhood is in a state of active renewal. The home would suit a buyer looking for a solid, land-value property in a transitioning area, whether as a long-term family home with room to grow or as a strategic hold. It’s particularly suited for those who value outdoor privacy over a large interior footprint and are comfortable with a home whose recent sale price has already anticipated future neighbourhood growth.

Frequently Asked Questions

1. How does the recent sale price compare to similar homes?
The $510k sale price ranks in the top 5% for the street and top 3% for the broader neighbourhood, indicating this sale was well above the area's recent norms and likely set a new benchmark.

2. What does the large difference between the assessed value and sale price mean?
The assessed value ($40.80k) is for municipal tax purposes and is typically much lower than market value. The key figure is the recent sale price, which shows what a buyer was actually willing to pay. The large gap suggests the area's market values are rising faster than the city's assessment updates.

3. Is the lot size a major advantage?
Yes. At 8,891 sqft, the lot is a defining feature, ranking in the top 16% of the neighbourhood. This offers exceptional outdoor space for gardens, recreation, or future expansion, which is a premium in mature areas.

4. The home was built in 1959. What should I consider?
While the basement has been renovated, the core structure is from 1959. Buyers should prioritize inspections for aging components like the roof, foundation, and original plumbing or electrical systems to understand any upcoming maintenance or update projects.

5. What does the property's sales history indicate about the area?
The value doubling from $250k (2017) to $510k (2024) points to a rapidly appreciating area. This can signal active reinvestment and growing desirability, but also means entry prices are now significantly higher than they were just a few years ago.