Section 1: Property Overview
This one-storey home on Elm Park Road is a compact, character property built in 1924, offering a unique value proposition in the established Elm Park neighbourhood. Its key appeal lies in its below-average price point, a renovated basement, and a generous, average-sized lot of over 5,300 sqft—a relative rarity for a home of this size. With 770 sqft of living space, it is notably smaller than most area homes, positioning it as an efficient and manageable footprint.
This property would best suit a first-time buyer, an investor, or a downsizer seeking an entry into a mature neighbourhood without a premium price. Its appeal is practical: lower property taxes due to its assessed value, renovation potential (particularly given the lot size), and minimal upkeep due to its scale. A less obvious perspective is its potential as a long-term hold; the land value in a stable area like Elm Park may appreciate, while the current structure offers an affordable way to secure that asset. It’s a home for those who prioritize location and land over square footage, and who see opportunity in a modest, grounded property.
Section 2: Frequently Asked Questions
1. Is the home in good condition?
While specific interior condition details aren't provided here, the listing notes a renovated basement. As a 1924 build, prospective buyers should budget for a thorough inspection to understand the state of major systems, the roof, and the foundation, which is typical for a century-old home.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's smaller size, age, and specific market position relative to comparable homes. It consistently ranks below average for the street, neighbourhood, and city, which directly translates to lower municipal property taxes—a key financial benefit for the owner.
3. What can the large lot be used for?
The approximately 5,300 sqft lot is a significant feature. It offers ample outdoor space for gardening, recreation, or storage. In the long term, it may present future opportunities such as an addition (subject to zoning) or simply represents valuable land equity in a neighbourhood where lots are often subdivided.
4. Who are the typical neighbours?
Based on nearby property data, the immediate area consists of similar single-family homes, many from the same early-to-mid 20th century era. The neighbourhood of Elm Park is established and residential, offering a quiet, community-oriented setting.
5. How does the recent sale price compare?
The home sold recently. The sale price can be compared to its assessed value and the prices of similar nearby homes (like the reference property on Cunnington Avenue) to gauge market activity. This recent sale provides a concrete, up-to-date market value for the property.