Property Overview
This home at 657 Hamilton Avenue presents a distinct value proposition centered on its land. The key feature is the exceptionally large, 13,847 sqft lot, which places it in the top 2% of properties on its street and the top 1% within the Buchanan neighbourhood. The house itself is a modestly sized, one-storey home built in 1975, featuring a renovated basement and a detached garage. While the living space is below average for the area, the assessed value is strong for the street, suggesting the premium is in the land itself.
Its appeal lies in a rare combination: a lower-maintenance, updated single-level home on a parcel of land far larger than typical offerings. This suits buyers looking for a solid footprint in a established neighbourhood, with the future potential to expand the home, create extensive outdoor living spaces, or simply enjoy significant private yard space. It’s a practical choice for those who value land over square footage, or for an investor or builder who sees the underlying value in the lot.
Frequently Asked Questions
Q: The house seems small for the neighbourhood. What am I really paying for?
A: You are primarily investing in the land. The lot size is among the largest in Buchanan, offering privacy, space for gardens, recreation, or future expansion that is very hard to find in mature neighbourhoods.
Q: How does the renovated basement add value?
A: It effectively adds functional living space to the smaller main floor, potentially creating room for a family room, home office, or additional bedrooms, which makes the overall package more livable.
Q: The last sale was in 2016 for $240k, but the assessed value is now $310k. What does this mean?
A: It indicates strong market appreciation over that period, particularly in the value of the land. The assessment supports a current market value significantly higher than the previous purchase price.
Q: Who would this property not suit?
A: It may not suit buyers seeking a large, move-in-ready home with ample finished square footage on the main floor. The value here requires a vision for the land or a preference for a more compact home layout.
Q: The detached garage is noted. Is this a major benefit?
A: Yes, especially on a large lot. It provides excellent storage, workshop space, or parking separate from the house, and its location offers flexibility for future landscaping or building projects without losing a garage.