Property Overview
3 Oswald Bay is a spacious, two-storey family home built in 1979, situated on a large, 6,910 sqft lot in Elmhurst. Its primary appeal lies in offering above-average interior space and a generous yard within a well-established neighbourhood. With over 2,100 sqft of living area, it ranks in the top 10% of homes in its immediate area for size, providing ample room for a growing family or those who value space. The home features a finished basement, adding to its functional living area. While it lacks a garage or pool, its value proposition is centered on lot size and interior square footage in a mature community. This property would best suit buyers looking for a classic, no-frills family home with room to grow or personalize, who prioritize space over newer construction or certain amenities. A thoughtful perspective is that its strong rankings for size against local and city-wide benchmarks suggest it's a relatively rare find in its price segment for sheer space, though the 1979 build date means future buyers should be prepared for the maintenance and update cycles typical of a home of this era.
Key Questions for Buyers
1. What is the true value of the lot size?
At nearly 7,000 sqft, the lot is significantly larger than many in modern subdivisions. This offers excellent potential for gardening, outdoor recreation, and future expansions like a shed or deck, which is a major asset for families or entertainers.
2. How does the "finished basement" affect living space and value?
The finished basement directly contributes to the home's total functional area, providing crucial extra space for a family room, home office, or play area. It's a key feature that enhances daily livability, though the quality and condition of the finish should be verified during a viewing.
3. The home ranks highly for size but lower for age in the community. What does this mean?
This indicates you are getting a lot of house for the area, but the building itself is older than many in Elmhurst. It suggests a trade-off: more square footage for your dollar, with the understanding that components like the roof, windows, and mechanical systems may be entering phases where attention or updates are needed.
4. There's no garage. How big of a consideration is this?
For those with multiple vehicles or who need workshop/storage space, this is a significant factor. Buyers would need to consider street parking, the potential cost of adding a garage, or using the large lot for a driveway expansion. It's a practical compromise for the home's other spatial advantages.
5. The assessment value is lower than the asking price. Why?
Municipal assessments are for taxation purposes and often lag behind current market values. The assessment of $494,000 provides a baseline, but the final sale price will be determined by market demand, the home's condition, and recent comparable sales, not the assessment alone.