Property Overview
This is a 1950s-era, one-storey home on a standard city lot in Central River Heights. Its key appeal lies in its renovated basement and detached garage, situated on a desirable, established street. The living space is compact at 888 sqft, placing it well below average for the area, which signals this is likely a character home or a bungalow with a focus on its lot and location over sheer interior size. The assessed value is notably low compared to nearby homes, which can indicate a variety of factors from the home's modest footprint to its valuation basis.
It would suit a specific buyer: perhaps a first-time purchaser or downsizer looking for a manageable footprint in a prime neighbourhood without a premium price tag. It could also appeal to an investor or builder who values the land and location, seeing potential in the existing structure or the lot itself. The renovated basement adds practical living or rental space, making it more versatile than the main floor square footage alone suggests.
Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring properties?
This is typically due to the home's significantly smaller living area and older year of construction compared to larger, more updated homes on the street. Assessments are based on property characteristics, and a modest, older home on a valuable lot will often show this pattern.
2. Is the renovated basement included in the living area square footage?
No. The listed living area of 888 sqft refers to the above-ground main floor. The renovated basement is additional space, which adds significant functional utility to the property beyond the official square footage.
3. What is the potential for expansion or redevelopment?
The lot is a standard River Heights size, offering typical potential for additions or garden suites, subject to zoning. The existing home's modest scale may provide more flexibility for a significant renovation or rebuild compared to a larger structure on a similar lot.
4. How does the sale price from 2023 relate to the current assessed value?
The 2023 sale price of $34,700k was very close to the current assessed value of $36.30k, suggesting the assessment is closely aligned with its recent market value. This can provide a clear benchmark for pricing.
5. Is the detached garage original to the 1950 build?
While the data doesn't specify, detached garages of this era are common in the neighbourhood. Its condition and whether it's a later addition would be a key point for a property inspection.