Property Overview
This 1948 one-storey home at 1108 Redwood Avenue presents a specific and compelling opportunity. Its primary appeal lies in the significant value being placed on the land itself. The lot is over 5,400 square feet, which is substantially larger than most in the immediate area and ranks within the top 4% on its street. While the 700 sqft living area is modest, it features a renovated basement, adding functional space. The home last sold in August 2023 for $230,000, a price that performed well above average for the neighbourhood.
This property would suit a practical buyer with a clear vision. It’s ideal for a first-time purchaser seeking an entry point into homeownership with a valuable, sizable lot, or for an investor looking at long-term land value or redevelopment potential. It’s less suited for those seeking immediate move-in condition or ample above-grade living space without a renovation plan.
Frequently Asked Questions
1. Is the value here primarily in the house or the land?
The data strongly suggests the land is the key asset. The lot size is in the elite tier for the street, while the living area and assessed value are below the city average. This indicates the property's worth is heavily tied to its land parcel.
2. The living space seems small. How liveable is it?
At 700 sqft, the main floor is compact. However, the presence of a renovated basement provides crucial additional space, making the overall footprint more functional for daily life than the above-grade square footage alone implies.
3. How does the 2023 sale price compare to the area?
The $230,000 sale price ranked in the top 20% for both the street and the broader Burrows Central neighbourhood at that time, suggesting buyers were willing to pay a premium for this specific property, likely due to the lot size and condition.
4. The home was built in 1948. What should I consider?
While the age is above average for the street, it also means potential character and established infrastructure. A thorough inspection is essential to understand the state of major systems (roof, wiring, plumbing) that may be due for updates or replacement.
5. What’s the potential here for the future?
The large lot is the defining feature for future potential. It offers rare space for expansion, gardening, or outdoor living in an established area. Over the long term, the scarcity of such sizable lots could make it a strategic holding, whether for personal use or as a redevelopment site.