Property Overview & Key Characteristics
51 Lancing Cove is a well-established two-storey home in Richmond West, built in 1989. Its primary appeal lies in its generous, mature lot—at over 8,700 square feet, the property size ranks in the top 7% of the neighbourhood—offering significant outdoor space in a settled area. The home itself features a renovated basement and an attached garage, with a living area of 1,647 sqft that is comfortably sized but not oversized relative to many newer builds.
This property suits buyers looking for a grounded, long-term family home where the land itself is a major asset. It’s ideal for those who value space for gardens, play, or future additions over a brand-new construction. The appeal is also practical: the assessed value ranks highly city-wide, suggesting a solid foundation of value, while the home’s age and size position it as a potentially more attainable entry into a desirable neighbourhood compared to newer, larger homes nearby. It’s a home for a buyer who sees potential in space and location, and is comfortable with a house that has a history but has seen updates like the basement renovation.
Frequently Asked Questions
How does the lot size compare to newer homes in the area?
The lot is exceptionally large for the neighbourhood, ranking in the top 7%. Many newer subdivisions feature smaller, more compact lots, making this property stand out for those prioritizing outdoor space.
What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A prospective buyer should inquire about the finish quality, the permits, and whether it includes added features like a bathroom or legal egress.
The home was built in 1989. What major systems might need attention?
Given its age, key components like the roof, windows, furnace, and air conditioner could be nearing or past their typical lifespan. An inspection would be crucial to understand the remaining life and any imminent capital costs.
How does the assessed value relate to the likely listing price?
The assessed value of $51.4k is a municipal figure for tax purposes and is typically far below market value. Comparable nearby sales, not assessed values, are the true benchmark for determining a listing or offer price.
The living area is average for the area. Is the home’s layout modern?
Built in the late 1980s, the floor plan may reflect the era, with potentially smaller, defined rooms compared to today’s open-concept designs. Viewing the property is essential to see if the layout suits your lifestyle.