Property Overview: 523 Waverley Street, Central River Heights
Key Characteristics & Appeal
This two-storey home, built in 1950, is situated on a mature, tree-lined street in the sought-after Central River Heights neighbourhood. The property presents a classic opportunity, with its appeal rooted in location, value, and potential. The home itself is modest in size at 1,248 sqft of living space and features an unrenovated basement and a detached garage. Its lot size of 4,829 sqft is notably below average for Waverley Street but is more aligned with typical city and neighbourhood dimensions, offering a manageable outdoor space.
The primary draw is its position within a prime, established community, coupled with a very low assessed value relative to its immediate area. This combination makes it a standout candidate for value-conscious buyers. It would suit a first-time buyer comfortable with a home that may require updates, an investor looking for a property in a high-demand location with renovation upside, or someone seeking to enter a prestigious neighbourhood at a more accessible price point. A less obvious perspective is that the below-average lot size for the street could mean lower maintenance demands and property taxes than some neighbouring homes, without sacrificing the community benefits.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby properties?
The assessed value is significantly lower than the average for both Waverley Street and Central River Heights. This typically reflects the home’s condition, size, and features relative to updated or larger homes in the area, indicating it may be priced for its land value and location potential.
2. What does "below average" for lot size on Waverley Street mean practically?
While the lot is smaller than most on this specific street, it is still a standard city-sized lot. This means you get the prestigious address and neighbourhood amenities, but with a yard that may require less upkeep than the larger, estate-style lots found nearby.
3. Is the unrenovated basement finished or usable?
The listing specifies the basement is "not renovated." This generally means it is in original or rough condition, likely suitable for storage and utilities but presenting an opportunity for future finishing to add living space.
4. How does the 2019 sale price relate to today’s value?
The home sold for $29,800 in August 2019. This historical price is a data point, but market conditions have changed significantly since then. Current value is better indicated by the assessed value and recent comparable sales in the area.
5. What are the main considerations for a buyer looking at this home?
Buyers should be prepared for a home that likely needs modernization. The focus should be on the cost of potential updates against the premium for the location. It’s a strategic purchase for gaining entry into a top neighbourhood, with value derived from the land and community rather than turn-key finishes.