Property Overview
This one-storey home on a 5,011 sqft lot presents a specific and straightforward opportunity. Built in 1932, its key characteristic is the significant disparity between the generous lot size and the modest 684 sqft living area, which is well below average for the area. The home has a basement but it is not renovated, and there is no garage or pool. Its most recent sale was in March 2023 for $13,900, and it carries a low assessed value.
Its primary appeal lies in its land value and potential. The lot is notably larger than many in the central Burrows neighbourhood, offering room for expansion, gardening, or outdoor space that is uncommon for the price point. This property would suit a buyer looking for an affordable entry into the market who is prepared for a significant renovation or rebuild project. It could also appeal to an investor viewing it as a long-term land hold or a candidate for a complete redevelopment, given the low structural value relative to the land.
Frequently Asked Questions
1. Is this a live-in-ready home?
No. The listing notes an unrenovated basement and the living area is very compact. It is best considered a fixer-upper or a candidate for substantial renovation.
2. Why is the sale price and assessed value so low?
The low value reflects the home's age, small size, and condition. The price is essentially for the land, with the existing structure contributing minimal value.
3. What are the main considerations for a renovation or rebuild?
Key factors will be the condition of the foundation and mechanical systems in the 94-year-old home, the cost of modernizing or expanding the small living space, and securing the necessary permits for any major alterations on this larger lot.
4. How does the lot size compare to others?
The lot is a standout feature. At over 5,000 sqft, it is larger than most in the immediate area and the wider Burrows Central neighbourhood, offering above-average outdoor space.
5. What is the neighbourhood like for investment?
Burrows Central is a mature, established area. The low entry cost and land size offer potential for value growth through improvement, but this is a long-term strategy. Buyers should research recent sales of renovated homes nearby to gauge the potential upside.