Property Overview: 1152 Redwood Avenue
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1950, presents a solid opportunity on a generous 4,264 sqft lot in Burrows Central. Its key appeal lies in its strong positional value within its immediate context. The property consistently ranks above average for the street and neighbourhood in critical metrics: it sits on a larger-than-typical lot, has more living space (1,118 sqft) than many nearby homes, and has a newer build year relative to its local peers. The detached garage and existing basement (noted as unrenovated) add functional potential.
The home’s value is primarily grounded in its land and location rather than high-end finishes. It suits practical buyers looking for a foothold in a mature neighbourhood—perhaps a first-time homeowner comfortable with a property that may require updates, or an investor attracted by the lot size and the clear, steady appreciation evidenced by its sale price history (from $210k in 2022 to $310k in 2023). A less obvious perspective is that its above-average rankings on the street and in the area, yet average-to-below-average standing city-wide, highlight a property that is a strong performer in its specific market segment, offering relative value without the premium of a city-top location.
Section 2: Frequently Asked Questions
1. What does "above average for the street/neighbourhood" actually mean for this home?
It means that compared to similar properties on Redwood Avenue and in Burrows Central, this home has a larger lot, more living space, and a newer construction year than most. This suggests a better-than-typical foundation and potential for the area.
2. The assessed value is listed at $26.60k, but it sold for $310k. Why is there such a large difference?
Municipal assessed value for tax purposes is often significantly lower than current market value. The sale price from 2023 ($310k) is the true indicator of its recent market worth.
3. Is the basement finished or usable?
The listing states "Yes, not renovated," indicating the basement exists but is in original or unfinished condition. It offers space for storage or future development but is not a modern living area.
4. How has the property's value changed over time?
The data shows a notable increase in sale price, from $210,000 in April 2022 to $310,000 in June 2023. This indicates strong appreciation over that 14-month period.
5. What are the main considerations for a buyer?
The appeal is the lot size, solid living space, and detached garage in a mature neighbourhood. Buyers should budget for potential updates, as the basement is unrenovated and the home is over 70 years old, focusing on the property's underlying value and potential rather than move-in-ready condition.