Property Overview
This one-storey home on a 6,000 sqft lot in Central River Heights presents a distinct opportunity. Built in 1956, its key characteristic is the significant value placed on the land itself. The living area (936 sqft) is modest, but the property benefits from a renovated basement. Notably, the lot size is above average for both the street and the desirable River Heights neighbourhood, offering ample outdoor space.
Its appeal lies in its location and potential. It suits a buyer looking for a footprint in a prime area, whether as a starter home with room to grow, a long-term redevelopment project, or for someone who prioritizes generous yard space over a large interior. A thoughtful perspective is that this property represents a balance: you acquire a premium lot while the house itself keeps the initial assessed value—and therefore property taxes—comparatively lower than larger homes in the area. The recent sale history suggests a market currently valuing it for its land value.
Frequently Asked Questions
1. Why is there such a large difference between the recent 2022 sale price and the 2021 sale price?
This typically indicates a change in the property's state or potential use. The significant drop likely reflects the sale of the property as a land value opportunity, possibly after the previous structure was removed or significantly altered, making it comparable to a lot sale.
2. What does "renovated basement" imply given the home's modest size?
It suggests the basement has been modernized and finished to provide additional livable or functional space, which effectively increases the usable square footage beyond the main floor's 936 sqft.
3. With no garage, what are the parking options?
The property likely relies on driveway parking. The large lot may offer potential to add a garage or dedicated parking pad, subject to local zoning and bylaws.
4. How does the assessed value compare to the likely market value?
The assessed value is for municipal tax purposes and is often lower than market value. The market value is more accurately reflected by recent sale prices, which in this case are significantly higher, indicating the premium for the location and land.
5. Is this a good option for expanding or rebuilding the home?
The above-average lot size in this neighbourhood makes it a strong candidate for a significant renovation, addition, or future rebuild, offering a rare chance to customize a home in an established area.