Property Overview
This one-storey home on a generous lot in East Elmwood presents a practical opportunity. Built in 1952, its 1,040 sqft living space is comfortably in line with neighbourhood averages. The key features are a renovated basement and a detached garage. The property’s standout characteristic is its land: at over 5,800 sqft, the lot size is in the top 6% for East Elmwood, offering significant outdoor space that is rare for the area. While the home’s size is modest, its assessed value ranks well above average for its immediate street and neighbourhood, suggesting it is viewed as a solid asset in its local context.
The appeal here is grounded in space and potential. The large lot is a major draw for anyone valuing room for gardens, play, or future additions like a shed or deck. The renovated basement adds immediate functional living space. This home would suit first-time buyers or downsizers looking for a manageable single-level layout without sacrificing yard size, or an investor seeking a property with a strong lot value in a stable neighbourhood. It’s a home that offers more future flexibility than its square footage might imply.
Frequently Asked Questions
How does the lot size compare to typical properties nearby?
The lot is a significant feature. At 5,835 sqft, it is notably larger than most in East Elmwood, ranking in the top 3% on its own street and the top 6% within the neighbourhood.
What does the above-average assessed value for the street indicate?
A higher assessed value compared to immediate neighbours often reflects factors like the renovated basement, the substantial lot size, and overall property condition. It suggests the property is considered well-maintained or improved within its local market.
Is the living space smaller than average?
The living area is slightly above the average for its street and slightly below the average for East Elmwood overall. It is a compact but functional layout, common for homes of its era, with the renovated basement providing additional space.
What is the significance of the 2019 sale price listed?
The $240,000 sale price from September 2019 provides a historical benchmark. It is not the current asking price, but it is a useful data point for understanding how the property’s value has been established in the recent past.
Who might this property not suit?
Buyers seeking a large, modern interior or multiple bedrooms on one level may find the living space limiting. Its primary advantages are the lot and location, making it ideal for those who prioritize outdoor space and neighbourhood value over expansive square footage.