Property Overview & Key Characteristics
This is a 1955 one-storey home in the established Silver Heights neighbourhood. Its primary appeal lies in its exceptionally large, 10,754 sqft lot, which ranks in the top 2% of the neighbourhood. This presents a rare opportunity for expansion, gardening, or simply enjoying generous outdoor space in a mature area. The house itself is modest at 728 sqft, and the basement exists but is not renovated. There is no garage. The assessed value is notably lower than many comparable area listings, which may indicate an opportunity for a buyer looking for a land-value proposition or a manageable project home.
The property would best suit a specific type of buyer: those prioritizing land size over immediate move-in condition. It's a strong candidate for a long-term hold with future renovation or rebuilding potential, a DIY enthusiast comfortable with a project, or a buyer seeking an affordable entry into a well-regarded neighbourhood where the value is fundamentally in the land.
Frequently Asked Questions
1. Why is the living area so small compared to the lot size?
This was a common post-war housing style, where homes were built on spacious plots. The small footprint relative to the lot highlights the potential for a significant addition or future redevelopment, subject to local zoning.
2. What does "basement, not renovated" typically mean?
It indicates the basement is unfinished or in its original state. Expect a concrete floor and walls, basic utilities, and it may be suited for storage or laundry. It represents both a blank canvas and a future project, not additional living space in its current state.
3. The assessed value seems low. Does that mean it's a bargain?
A low assessment relative to sale prices can occur for several reasons, including the home's age, condition, and smaller size. It's a useful data point, but the market price is determined by what buyers are willing to pay for the unique land opportunity. It's wise to research recent sales of similar teardown or large-lot properties.
4. Who would this property not suit?
It's likely not a fit for buyers seeking a turn-key, modern home with ample finished space, a garage, or those unwilling to take on any renovation work. The value here is in the potential, not the present condition.
5. How significant is the lot size ranking?
Ranking in the top 2% of the neighbourhood for lot size is a major differentiator. In an area of mostly standard plots, this oversized parcel is a scarce commodity. It offers privacy, space, and options that simply don't come available often in mature suburbs.