Property Overview: 614 Buchanan Boulevard
Section 1: Key Characteristics & Appeal
This is a property defined by a compelling contrast. The home itself is a modest, 752 sqft one-storey house built in 1954, with a recently renovated basement. Its living space is notably smaller than most in the immediate area and citywide. However, it sits on an exceptionally large lot of over 8,200 sqft, placing it in the top 3% for land size on Buchanan Boulevard. This creates a unique value proposition: a compact, updated living space on a sprawling, private parcel with a detached garage.
The primary appeal lies in this land potential. It perfectly suits a buyer with a vision for outdoor living, gardening, or future expansion, whether that's a significant addition, a workshop, or a dream backyard. It would also suit an investor or builder looking for a prime lot in a mature neighbourhood. The home offers a comfortable, low-maintenance footprint for a first-time buyer or downsizer, while the lot provides a rare blank canvas not found in newer subdivisions. The recent basement renovation adds modern livability, making it move-in ready while the long-term potential rests with the land.
Section 2: Frequently Asked Questions
1. Is the price reflective of the house or the land?
Given the significant disparity between the below-average living area and the top-tier lot size, the price is predominantly driven by the value of the land and its future potential, with the renovated home providing immediate utility.
2. What does "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A buyer should inquire about the finish quality, permits, and whether it includes added bedrooms, a legal suite, or simply updated living space.
3. How does the low assessed value affect property taxes?
The assessed value is significantly below the last sale price, which typically results in lower municipal property taxes than a similarly priced newer home. This is a tangible financial benefit for the current owner.
4. Is the large lot subdividable?
This is a critical question. While the lot size is generous, subdivision would depend on specific municipal zoning bylaws, minimum frontage requirements, and sewer/water access. A buyer must verify this directly with the city.
5. Why is the living area so much smaller than neighbourhood averages?
The home is a classic post-war bungalow, originally built for efficiency. Many neighbouring homes have been significantly expanded over the past 70 years, which explains the average living area for the street being much higher. This property presents that same opportunity.