Property Overview
This home presents a distinct value proposition within the Waverley Heights neighborhood. Its key characteristic is a significant assessed value well below area averages, positioned in the top 93% of its own street and top 98% of the neighborhood for affordability. At 1,097 sqft, the living space is consistent with typical homes on Markham Road and in the wider area. The lot is compact at 2,290 sqft, which translates to lower maintenance. Notably, it was built in 1975, making it one of the newest homes on its street.
The primary appeal lies in its accessibility. It offers an entry point into a established neighborhood at a notably lower price point than surrounding properties. This suits first-time buyers, investors, or downsizers seeking a manageable home without a large yard to maintain. A thoughtful perspective is that its newer construction date relative to the street suggests potentially fewer immediate major repairs than older neighboring homes, while the smaller lot represents a fixed, known cost savings in terms of property taxes and upkeep time.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighborhood average?
While the exact reasons are determined by the assessment authority, contributing factors likely include the home's smaller lot size and living area compared to the neighborhood norm, which are key components in the valuation formula.
2. Is the smaller lot size a major drawback?
It depends on your priorities. It significantly reduces yard maintenance and property tax costs, which is a benefit for those seeking simplicity. However, it may not suit those wanting extensive outdoor space for gardening or recreation.
3. How does the living area compare to nearby homes?
At 1,097 sqft, it is very close to the average for Markham Road (~1,157 sqft) and slightly below the Waverley Heights average. It represents a practical, average-sized living space for the immediate area.
4. The home is noted as newer than others on the street. What does that mean?
Built in 1975, it is among the most recently constructed homes on Markham Road. This can sometimes correlate with updated building materials or systems, but a specific interior inspection is necessary to confirm the condition and any renovations.
5. What is the main takeaway from the comparison data?
The data highlights a property that provides standard interior space for its street but on a more compact lot, resulting in a significantly lower municipal assessment—and thus likely lower property taxes—than most homes in the wider community. It’s a trade-off that defines its value.