Property Summary: 658 Buchanan Boulevard
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1947, sitting on a generously sized lot of over 6,000 square feet. Its key characteristics are defined by clear contrasts: the living space is quite compact at 672 square feet, but the property's land area is notably larger than many of its immediate neighbours and city-wide averages. It features a detached garage.
The primary appeal lies in its land value and potential. The lot size is a significant asset in its area, offering space for gardening, expansion, or future redevelopment. The very low assessed value reflects its age and size, suggesting an accessible entry point into the market. This property would suit a specific type of buyer: a land investor, a handy individual or couple looking for a minimalist footprint with room to grow outdoors, or a builder seeing the underlying value in the parcel itself rather than the existing structure. It’s less suited for those seeking move-in-ready space or modern amenities without a renovation project.
A thoughtful perspective is that this home represents a pure value proposition on a per-square-foot-of-land basis. Its appeal isn't in its current condition, but in the opportunity it presents—whether for a tailored renovation that respects the lot's size or as a long-term land hold in a mature neighbourhood.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
The assessed value is for taxation purposes and is typically based on mass appraisal models and older data. The sale price reflects the current market value, which in this case is significantly influenced by the desirable lot size, not just the small existing home.
2. Is the house in livable condition?
The listing does not specify the interior condition. Given the age, size, and assessed value, prospective buyers should budget for updates or repairs and are strongly advised to conduct a thorough inspection.
3. What can be built on a lot of this size?
This depends on local zoning bylaws. The large lot offers more flexibility than standard parcels, but any new construction or major addition would require checking with the city regarding setbacks, floor area ratios, and permitted building types.
4. How does the lot size compare practically?
At 6,050 sq. ft., the lot is approximately 33% larger than the average for the immediate street. This translates to more usable yard space, greater distance from neighbours, and potentially a larger driveway or area for a garden shed or workshop.
5. Are the utility costs likely to be high for a home this age?
Without details on recent updates, it's reasonable to assume that systems like heating, plumbing, and insulation may be original or older, which can lead to higher utility costs compared to a newer, more efficient home. This is a key factor to investigate.