Property Overview
71 Michigan Avenue is a well-positioned two-storey home in Fort Richmond, built in 1998. Its key appeal lies in offering above-average space and modern construction for the area, combined with a practical layout that includes an attached garage and a renovated basement.
Key Characteristics & Appeal
This home stands out in its neighbourhood for being notably newer than most. Built in 1998, it is among the top 1% of homes in Fort Richmond by age, suggesting potentially fewer major maintenance concerns compared to the area's predominantly 1970s-built stock. With over 2,190 square feet of living space, it provides ample room, ranking in the top 7% locally. The lot size is generous and fairly standard for the street, offering good outdoor space without excessive upkeep.
The appeal is grounded in value and practicality. It suits buyers looking for a move-in-ready family home in a established neighbourhood who want the benefits of a more modern build—like updated systems and layouts—without venturing to newer suburban developments. It’s also a strong fit for value-conscious buyers who appreciate that the home’s assessed value sits in an elite tier for the neighbourhood (top 5%), indicating a history of above-average investment or desirability. The renovated basement adds flexible living space, a significant asset for growing families or those who work from home.
Frequently Asked Questions
1. How does this home’s value compare to recent sales?
Based on available data, a home with similar assessed value on this street last sold in late 2019 for between $46.5k and $49.5k. The current assessed value of $60.3k is above average for the street, neighbourhood, and city, suggesting it has been maintained or upgraded relative to peers.
2. What does the "elite" ranking for year built mean?
This means the 1998 build date is newer than over 99% of homes in Fort Richmond. For a buyer, this typically translates to more modern construction standards, wiring, plumbing, and insulation compared to the area's median home built in the early 1970s.
3. Is the living space efficiently laid out?
At 2,196 sq ft, the living area is significantly larger than the Fort Richmond average (~1,421 sq ft). As a two-storey with a renovated basement, it likely offers distinct living zones, which is a key advantage over older bungalows or split-levels common in the area.
4. What is the neighbourhood like?
Fort Richmond is a mature, established neighbourhood. This specific street, Michigan Avenue, appears to have a mix of home ages and sizes, with this property being one of the newest and larger homes on the block, offering a slight premium feel within the area.
5. Who would this property not suit?
Buyers seeking a brand-new home or extensive custom renovations might find a 28-year-old property less ideal. Similarly, those looking for a very large or estate-sized lot may find the lot size adequate but not exceptional for the neighbourhood.