Property Overview: 981 Herbert Avenue, East Elmwood
Key Characteristics & Appeal
This one-storey home on Herbert Avenue presents a compelling mix of space, value, and potential. Its most standout feature is the exceptionally large lot of over 8,200 square feet, placing it in the top 3% of properties on its street and the top 1% within East Elmwood. This offers rare, expansive outdoor space for gardens, recreation, or future expansion in a city setting. The house itself, built in 1957, is newer than many in the immediate area and features a renovated basement, adding functional living space to the 838 sqft main floor. While the living area is modest compared to the city-wide average, its assessed value is notably strong for the neighbourhood, suggesting good relative value and solid fundamentals within its local market.
The appeal lies in this balance: it’s a property with a premium asset (the land) paired with a manageable, updated home. It suits practical buyers looking for a long-term hold—first-time homeowners, small families, or downsizers who prioritize private outdoor space over a large interior. It’s also a smart candidate for value-conscious investors or buyers with future renovation or addition plans, given the generous lot size and the home's above-average condition for its vintage in the area.
Frequently Asked Questions
1. How does the property’s value compare to the area?
The home’s assessed value is above average for both Herbert Avenue and the broader East Elmwood neighbourhood, ranking in the top 29%. This indicates it is viewed as a higher-value property within its local context, despite having a below-average living area for the city as a whole.
2. What does the "Elite" ranking for land area mean?
This means the lot size of 8,230 sqft is among the very largest available. It ranks 2nd out of 78 on Herbert Avenue and 17th out of 1,163 in East Elmwood, offering significantly more yard space than nearly all comparable properties.
3. Is the living space too small?
At 838 sqft, the main living area is around the local average for similar homes. The renovated basement provides additional finished space, making the total usable square footage more comfortable. It’s a configuration that prioritizes lot size over interior size.
4. What is the significance of the 1957 build year?
Built in 1957, the home is newer than most on its street and in East Elmwood, where many homes are from the 1930s and 40s. This can sometimes mean updated core systems and less immediate concern for the major repairs often associated with pre-war construction.
5. Was the last sale price typical?
The home sold in June 2022 for $25,200. At that time, this price was in the top 20% for the street, reflecting a strong sale value that aligns with its above-average assessed value for the area.