Property Overview
This 1913 two-and-a-half storey home on Grosvenor Avenue in Crescentwood offers substantial space and a prime location. Its key appeal lies in its generous 3,380 sqft of living area, which ranks within the top 7% of homes on its street and the top 1% city-wide, providing exceptional interior volume. The property sits on a 6,067 sqft lot, larger than most in the immediate area. While the assessed value is around average for Crescentwood, it represents above-average value on a city-wide scale. The home presents a classic, unrenovated character with an unfinished basement and no garage, positioning it as a project-in-waiting.
This property would best suit a specific buyer: those seeking a large footprint in a desirable, established neighborhood who are prepared for updates. It’s ideal for a family valuing space over turn-key condition, a buyer looking for a heritage character home to restore to their own taste, or an investor/developer who sees potential in the significant lot and building size. Its appeal is less about modern finishes and more about the rare combination of location, lot size, and interior square footage—a canvas for creating a personalized, high-value home.
Frequently Asked Questions
1. What does "unrenovated" typically mean for a home of this era?
It generally indicates that the home retains much of its original layout, systems, and finishes. Buyers should budget for potential updates to plumbing, electrical, and heating systems, alongside any cosmetic or layout modernization they desire. The character features common to 1913 construction are likely still in place.
2. How does the lack of a garage affect use and value in this neighborhood?
Many older homes in Crescentwood lack garages. While off-street parking may be available, the absence of a garage is factored into the current assessment and price. For some buyers, this presents an opportunity to add a garage or carport, subject to local bylaws, which could add future value.
3. The home last sold in 2019 for $500k but is now assessed at $600k. What does this indicate?
The assessed value is for taxation purposes and reflects market trends and city-wide data. The increase suggests rising property values in the area. The actual market sale price is determined by current conditions, the property's state, and buyer demand, and may differ from the assessed value.
4. Given its size, what should I consider regarding maintenance and utility costs?
A 3,380 sqft home, especially one from 1913, will have higher heating and maintenance costs than a modern, average-sized house. The unfinished basement may offer opportunities to improve insulation or install efficient mechanical systems, but initial utility bills should be budgeted accordingly.
5. The living area is in the top 1% city-wide, but the assessed value is only in the top 8%. Why the discrepancy?
This highlights the property's current state. The assessment captures the immense physical size and land value, but the "unrenovated" condition moderates the final valuation. This gap often represents the perceived cost and effort needed to modernize the space, which can be an opportunity for a buyer adding value through renovation.