Property Overview
This one-and-three-quarter storey home, built in 1905, presents a classic character property with practical considerations. At 1,164 sqft of living space, it sits on a 2,323 sqft lot and features a detached garage. The basement exists but is noted as not renovated. Its recent sale price of $21,900 starkly contrasts with its assessed value of $13,900, indicating a purchase based on land value or as a significant renovation project. The home’s living area is average for its immediate Toronto Street area, but its assessed value and land size are below average for both the neighbourhood and the wider city.
Key Characteristics & Appeal
The primary appeal of this property is its potential, positioned in the established Daniel McIntyre neighbourhood. It suits a specific type of buyer: investors, developers, or extremely hands-on owner-occupants looking for a foundational project. The appeal lies not in move-in readiness but in opportunity. The very low sale price relative to city averages suggests the value is almost entirely in the land and the shell of the historic structure. It’s a canvas for a full-scale renovation or a potential candidate for redevelopment, subject to zoning. A thoughtful perspective is that its below-average land size for the area might simplify maintenance and landscaping for a future owner, making the lot more manageable than larger, neighbouring properties. This isn't a home for a first-time buyer seeking simplicity; it's a strategic purchase for someone with vision, construction expertise, and capital for a rebuild or extensive retrofit.
Frequently Asked Questions
1. Why is the sale price so different from the assessed value?
The assessed value is an estimate for taxation purposes. The sale price reflects the market's valuation of the property in its current, likely unrenovated state, which buyers may see as a land-value purchase or a major project.
2. What does "basement, not renovated" imply?
It indicates the basement is unfinished or in original condition. Buyers should budget for potential foundational repairs, moisture management, and full finishing to make it a usable living space.
3. Who is this property most suitable for?
It is best suited for contractors, developers, or experienced renovators. It is a project property, not a turn-key home, and requires a significant investment of time and money beyond the purchase price.
4. How does the lot size impact potential?
At 2,323 sqft, the lot is below average for the city. This may limit options for large additions or new construction footprint, making it crucial to consult with the city's zoning bylaws for permissible building size and setbacks before planning any major work.
5. Is the detached garage a valuable asset?
Yes, especially in an older neighbourhood where on-site parking can be limited. It provides secure storage and workshop space, which is a practical asset during a renovation and adds long-term utility.