Property Overview
This one-and-a-half storey home on Mccalman Avenue in East Elmwood presents a distinct opportunity. Built in 1912, it sits on a solid, average-sized lot of just under 4,400 sqft. The key characteristic is its generous 1,480 sqft of living space, which is notably larger than most comparable homes on its street and in the immediate area. This is balanced by a below-average assessed value, suggesting significant potential for value appreciation, particularly for someone willing to invest in updates. The property includes a detached garage and an unfinished basement.
Its appeal lies in its spacious interior footprint within a mature neighborhood, offering room to grow or customize. The significant price increase between its 2016 and 2024 sales indicates strong market interest and a trajectory of growing value. It would suit a practical buyer looking for a "blank canvas" home—someone who values square footage and lot size over modern finishes and is prepared for the maintenance or renovation projects typical of a century-old home. It's also a compelling option for an investor or homeowner who sees value in the underlying assets (space, location, lot) rather than the current condition.
Frequently Asked Questions
Q: The assessed value seems low compared to the recent sale price. What does this mean?
A: This is common. The assessed value is for municipal tax purposes and often lags behind the current market, which is determined by what buyers are willing to pay. The recent sale price is a stronger indicator of its present market value.
Q: How significant is the home's age?
A: At over 110 years old, it's a defining feature. It offers classic character and solid construction but means prospective buyers should budget for and anticipate maintenance items typical of older homes, such as potential updates to plumbing, electrical, or insulation.
Q: The living area is large for the area, but the assessed value is low. Is that a contradiction?
A: Not necessarily. It highlights the property's dynamic: you are acquiring above-average square footage, but the value is likely moderated by the home's age and condition. This creates an opportunity to increase the home's total value through strategic renovations.
Q: What does the "unfinished basement" entail?
A: It means the basement space is not developed into finished living areas (like a rec room or bedroom). It provides essential utility space and significant storage or future expansion potential, but completing it would require a separate renovation project.
Q: The sale price jumped considerably from 2016 to 2024. Does that suggest it's overpriced now?
A: The increase reflects the strong overall market growth over eight years. It shows the property has kept pace with—or exceeded—area appreciation. Whether it's fairly priced now depends on current comparable sales and the value a buyer places on its specific lot size and interior space.