Property Overview
This home at 31 Lake Albrin Bay presents a solid, value-conscious opportunity in the Waverley Heights neighborhood. Built in 1978, it features 1,040 sqft of living space on a 5,998 sqft lot, with a municipal assessed value of $429k. The appeal here is rooted in its position as a competitively priced entry point into a well-regarded area. While the home's living space is below the average for its immediate street, its assessed value is strong compared to the wider neighborhood and city, suggesting the underlying value lies more in its location and lot than in the size of the dwelling itself. It suits practical buyers—first-time homeowners, downsizers, or investors—who prioritize getting into the neighborhood over finding a turn-key or spacious property. A thoughtful perspective is that this home may offer more "blank canvas" potential than its neighbors, allowing the right buyer to add value through updates tailored to their taste.
Key Details & FAQs
What are the key characteristics and who is this for?
This is a home that wins on location and lot within its price segment. Its assessed value ranks above the neighborhood average, indicating that official valuation sees merit here, yet the living space is modest. This creates a specific proposition: you are paying for the land and address more than for square footage. Its appeal lies in being a strategic foothold in Waverley Heights. It would best suit a buyer with a realistic renovation budget who sees the below-average living area not as a drawback, but as a manageable project to customize over time, or for someone who simply values outdoor space over a large interior.
Frequently Asked Questions
1. Is this house a good value compared to others on the street?
The data suggests it is competitively positioned. While the living area is smaller than the street average (1,040 sqft vs. 1,280 sqft), its assessed value is very close to the street average ($429k vs. $426k). This implies you may be getting a similar valuation for a more manageable property size.
2. How does the lot size compare?
At 5,998 sqft, the lot is slightly below the street average but aligns closely with the neighborhood and city averages. It's a typically sized urban lot for the area, not exceptionally large or small.
3. What does the "Above Average" neighborhood ranking for assessed value mean?
It means this home's $429k assessment is higher than the average assessment for comparable homes in the wider Waverley Heights neighborhood ($398.1k). This can be a positive indicator of the property's perceived worth in its market context.
4. The home was built in 1978. Should I be concerned about major systems?
The build year is exactly the neighborhood average. Buyers should anticipate that original components like the roof, windows, furnace, and plumbing may be at or beyond their typical lifespan and budget for inspections and potential updates.
5. Why is the living area considered "Below Average" at the street level?
This specific home has less finished interior space than most of the 30 comparable homes on Lake Albrin Bay. For some buyers, this means lower utility costs and less maintenance. For others, it highlights a potential need for future expansion or efficient space planning.