Property Overview
This 1913 two-and-a-half storey home in Crescentwood presents a classic blend of historic character and significant physical space. Its primary appeal lies in its generous proportions, situated on a large lot in a desirable, established neighbourhood. The home features a substantial 3,095 sqft of living area, which ranks in the top 1% citywide, offering ample room for a growing family or those who value spacious interiors. The 6,387 sqft lot is also notably larger than most on its street and in the area. It’s important to note the home has an unfinished basement and no garage, pointing to a property where the value is anchored in its location, lot size, and existing footprint rather than in modern renovations or conveniences.
This property would best suit a specific type of buyer: those with a vision for renovation or restoration who are seeking a "blank canvas" with excellent bones in a prime location. It’s ideal for a buyer who prioritizes lot size and interior square footage over move-in-ready finishes and who has the budget and plan to update the home to their taste. It may also appeal to value-conscious buyers looking to enter the Crescentwood area, where the land and location represent a long-term investment.
Frequently Asked Questions
1. What does the assessed value mean in relation to the recent sale price?
The assessed value for taxation purposes is significantly lower than the 2023 sale price of $650k. This is common, as assessed values often lag behind market values, especially in active markets or for unique properties. The sale price is the clearer indicator of current market value.
2. Are the lack of a garage and an unfinished basement major drawbacks?
This depends on the buyer’s plans. For a renovator, these are opportunities to design and build these spaces to their exact specifications. For a buyer seeking immediate convenience, these would be considered projects to budget for. The large lot does offer potential for adding a garage.
3. The home is over 110 years old. What should I be most concerned about?
While the structure offers classic charm and space, a pre-purchase inspection is crucial. Key focus areas for a home of this age would include the foundation, roof, plumbing, electrical systems, and insulation. The condition of original features like windows and plaster should also be evaluated.
4. The living area is in the top 1% citywide. How does the layout function for modern living?
Homes from this era often have a compartmentalized room layout rather than an open-concept floor plan. Buyers should consider if the traditional room divisions suit their lifestyle or if they are prepared for the significant structural work that opening spaces might entail.
5. How does the property’s value break down between the land and the building?
Given the vintage of the home and the desirable Crescentwood location, a substantial portion of the property’s value is likely in the land itself. The large lot size and prestigious address are permanent assets, while the building represents both a historic character home and a candidate for modernization.