Property Overview
This home at 319 Melrose Avenue E presents a distinct profile defined by its generous space and vintage character. Built in 1918, it is a century-old property that offers significantly more living area (1,325 sq ft) and a larger lot (5,401 sq ft) than most homes on its street and in the broader Melrose area. Its appeal lies in this above-average interior and exterior space, providing room to grow or renovate, set on a substantial parcel of land. The assessed value is modest relative to the city-wide average, suggesting a potentially accessible entry point into a home of this size.
It would best suit a practical buyer who values space over newness—someone comfortable with the realities and potential of an older home, whether as a long-term hold, a renovation project, or a family home where yard space is a priority. It’s a property for those who see the underlying asset: more house and more land than is typical for the immediate locale.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sold price range?
Assessed values for municipal tax purposes often lag behind current market values, especially in active markets or for unique properties. The recent sale price (2024) reflects what a buyer was willing to pay, while the assessment is an administrative valuation.
2. What are the considerations with a home built in 1918?
While offering classic charm and sturdy construction, a home of this age will likely have older mechanical systems (like plumbing and wiring), windows, and insulation. A thorough inspection is essential to understand the condition and potential future investments needed for updates or maintenance.
3. The lot size is well above average for the area. What does this mean for me?
The larger lot (over 5,400 sq ft) is a key asset. It provides more privacy, outdoor space for gardens or recreation, and future potential, such as for an addition or a detached structure, subject to local zoning bylaws.
4. How does the living area compare meaningfully?
At 1,325 sq ft, this home is notably larger than the ~980 sq ft average for comparable homes on its street. This means more room for living, working, or storage compared to many neighbouring properties, which is a significant functional advantage.
5. Is the sold price information provided exact?
No, the sold price is shown as a range based on public data. To obtain the exact sale price from the transaction records, you can request it via email from the service; they provide this detail manually without marketing spam.