Property Overview: 523 Bannerman Avenue
Key Characteristics & Appeal
This home presents a distinct value proposition centered on space and potential. Built in 1904, it is notably older than most in the area, which suggests a need for updates but also offers classic character. Its primary strengths are its generous dimensions: the 1,380 sqft living area is comfortably above average for the street, and the 5,881 sqft lot is notably larger than most in the immediate neighbourhood, offering excellent outdoor space.
The appeal lies in this balance of a lower assessed value against a larger-than-average footprint. It’s a property where the investment is in the land and the structure's volume rather than in recent finishes. This makes it particularly suited for value-driven buyers—such as handy homeowners, investors, or families looking for a project—who are prepared to modernize a home in exchange for more room and a larger yard than is typically available at this price point in St. John's. It’s less suited for those seeking a move-in-ready property without any renovation needs.
Frequently Asked Questions
1. Why is the assessed value relatively low compared to nearby homes?
The assessed value is below the street average, which is likely influenced by the home's age (122 years old) and the condition reflected in its last assessment. It indicates significant potential for value increase through updates and modernization.
2. What does the sold price range (CA$150k–200k in 10/2023) tell us?
The recent sale in that range, well below the city-wide average home value, confirms the property is positioned as a value or project purchase. It suggests the market price aligns with the assessment, recognizing the work needed.
3. Are there concerns with a house built in 1904?
Absolutely. Buyers must budget for and investigate the state of major systems (plumbing, electrical, foundation, insulation) common in century-old homes. An inspection is crucial, but the age also often means solid construction and architectural details.
4. How significant is the lot size?
The lot is in the top 10% on the street for size. This is a major asset, providing ample space for gardening, expansion, or outdoor living—a rarity that adds long-term value and appeal not easily replicated.
5. How can I get the exact historical sold prices?
The site notes that exact sold figures are not displayed publicly due to data sources. You can request the exact sold price history via email from the provider, who will manually look up and send the verified information.