This home at 387 Nairn Avenue is defined by its significant lot size and historic character. Built in 1907, it sits on a large 5,678 sqft lot, which places it in the top tier for land area within its immediate area and the Chalmers neighbourhood. The living space of 1,159 sqft is comfortably above average for similar local homes. Its appeal lies primarily in its land value and the potential it represents. The very low assessed and recent sale values highlight a property that is likely a fixer-upper or redevelopment project. It has an unrenovated basement and no garage.
This property would best suit a buyer with a vision, such as a renovator looking for a character home on a generous lot, or an investor considering the land value for future redevelopment. It’s a practical choice for those who see potential over polish and are prepared for the work an older home requires.
-
What does "unrenovated basement" imply?
This typically means the basement is in original or rough condition. Buyers should budget for potential updates to meet modern standards for living space, moisture control, or mechanical systems.
-
Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's current state and market position. For a 119-year-old home that may need significant updates, the value is driven largely by the land itself rather than the existing structure.
-
Is the large lot a benefit for this specific property?
Absolutely. The lot size is this home's standout feature. It offers valuable outdoor space and future flexibility that smaller, modern lots do not, which is a key asset in any renovation or redevelopment plan.
-
What should I investigate about a house built in 1907?
Prioritize inspections for foundational integrity, the state of the original wiring and plumbing, roof condition, and overall energy efficiency. Understanding these core elements is crucial for an accurate renovation budget.
-
How does the low sale price affect property taxes?
While property taxes are based on the assessed value, a recent sale price significantly below area averages can sometimes be used as a point of discussion with the assessment authority, though it is not a guarantee of a reduction.