Property Overview
This 1979-built, one-storey home in Elmhurst sits on a large, 7,001 sqft lot and offers 1,242 sqft of living space with a finished basement and an attached garage. Its appeal lies in a combination of space, established location, and strong market performance. The property’s lot size is notably generous for the area, providing ample outdoor potential. Recent market activity underscores its desirability; a sale in July 2024 at $545,000 significantly exceeded its current assessed value and ranks in the top tier of local sales. This home would suit buyers looking for a solid, single-level layout in a mature neighbourhood, who value a large yard and are encouraged by a property with clear, recent market validation. It’s a practical choice for those seeking room to grow or garden without a major renovation project, in a home that has already proven its competitive edge in the area.
Key Questions for Consideration
1. How does the sale price compare to the assessment, and what does that mean?
The home sold for approximately $51,000 above its $494,000 assessment in July 2024. This typically indicates strong buyer demand for the specific property or area, and the assessment will likely be adjusted in the future to reflect this market value.
2. What are the advantages of such a large lot?
The 7,001 sqft lot is a standout feature, offering extensive space for gardening, recreation, or future additions like a shed or deck. It provides a sense of privacy and room that is less common in newer subdivisions.
3. Is the finished basement included in the listed living area?
No, the 1,242 sqft living area refers to the above-ground footprint. The finished basement provides additional, flexible space that is not counted in that official square footage, effectively increasing the usable area of the home.
4. What might the "one storey" design mean for living and maintenance?
The single-level layout is ideal for accessibility and easy living, avoiding stairs. From a maintenance perspective, while roof and eavestrough work may be simpler, an older bungalow may have original components, like windows or the roof, that require evaluation for updates.
5. The home is 47 years old. What should be prioritized in an inspection?
Given the age, an inspection should focus on the condition of major systems that may be near or past their typical lifespan. This includes the roof, foundation, plumbing, electrical, and the heating/cooling system, to anticipate any necessary updates.