Property Overview & Key Characteristics
This condominium at 7-480 Chalfont Road in Elmhurst presents a compelling blend of space, value, and established community living. Its key appeal lies in its generous 1,155 sqft living area, which ranks well above average for both the immediate street and citywide, offering more room than typical condo layouts. The property’s standout feature is its assessed value of $500k, which places it in the elite top 3% for the Elmhurst neighborhood and citywide, suggesting a premium build quality, desirable location, or significant upgrades relative to its peers. Built in 1997, the unit is part of a mature, well-established complex, and it includes a renovated basement, adding functional living or storage space.
This home would suit buyers looking for a spacious, low-maintenance property without sacrificing the feel of a larger house. It’s ideal for downsizers seeking ample room for hobbies or family visits, or for professionals wanting a turn-key home in a stable neighborhood. The data indicates it’s a premium offering within its condo community, appealing to those who prioritize above-average interior space and perceived value in their investment.
Frequently Asked Questions
1. What does the "Elite" assessed value ranking mean for property taxes?
While an "Elite" ranking indicates the unit is valued among the highest in its comparison groups, property taxes are based on the mill rate applied to this assessed value. Prospective buyers should budget for taxes commensurate with a $500k assessment.
2. The unit sold for $410k in 2017 and $505k in 2022. What might this indicate?
This significant appreciation over five years could reflect market trends, substantial renovations (like the basement), or a correction to its premium standing within the complex. It underscores the unit's history as a strong-value property in recent years.
3. Are there any concerns with a 1997 build date?
While not old, buildings from this era may be due for updates to major common elements like roofing, windows, or building envelopes. A review of the condo corporation's reserve fund study and minutes is essential to understand any pending special assessments or maintenance projects.
4. With four other units sharing the same address, how is privacy and noise?
The proximity of units at 1-480 through 6-480 Chalfont Road suggests a townhouse-style or closely-situated condo complex. Insulation quality and building layout will greatly influence noise transfer; visiting at different times of day is recommended to gauge this.
5. The living area is above average, but how does the layout feel?
A higher square footage is a major advantage, but the flow and division of space are key. The inclusion of a renovated basement likely adds flexible living area, but it's important to see if the main living levels are also well-proportioned and bright.