Property Overview: 1162 Redwood Avenue
Key Characteristics, Appeal & Ideal Buyer
This one-storey home on Redwood Avenue is defined by a significant contrast: it sits on a large, desirable lot within a modestly sized house. The land area of 5,646 sq ft is notably spacious, placing it in the top 5% of lots in the Burrows Central neighbourhood and the top 2% on its own street. This presents a substantial opportunity for expansion, gardening, or outdoor living that is rare for the area. The house itself, built in 1948, is older but newer than many immediate comparables. Its living space of 792 sq ft is compact, indicating a home suited for essential living rather than spaciousness.
The core appeal lies in this land-to-building ratio. It’s a property for those who see potential in the land itself—whether for future renovation, adding an addition, or simply valuing a large private yard in a city setting. The recent sale history shows a significant increase in value from 2022 to 2024, suggesting growing interest or recognition of its underlying value. It would suit a practical first-time buyer comfortable with a smaller footprint, an investor looking for a property with land-value upside, or a homeowner with long-term plans to customize and expand. Its assessed value remains relatively low, which could be a point of interest for buyers mindful of property taxes.
Frequently Asked Questions
1. Is the house in move-in condition?
Based on the limited details, the home is livable but modest. Its below-average living area and age suggest it is a functional starter home that may benefit from updates or personalization over time.
2. Why is the lot size so important here?
The lot is the standout feature. In its neighbourhood and on its street, this property's land area is in the elite top 2-5%. This extra space is a valuable asset for privacy, recreation, or future development, offering possibilities the house itself does not.
3. How does the assessed value compare to the recent sale price?
The 2024 assessed value is significantly lower than the recent $250k sale price. This is not uncommon, as assessed values for tax purposes often lag behind fast-moving market prices. Buyers should rely on recent sales, not assessments, for market value.
4. What does the sale history tell us?
The price increased sharply from $19.1k in early 2022 to $250k in mid-2024. This likely reflects a major change, such as a renovation, a change in property type (e.g., from a vacant lot to a built home), or a rapid market shift. Clarifying what was sold in each transaction is essential.
5. Who are the most likely buyers for this property?
This property is best suited for value-oriented buyers who prioritize land over square footage. This includes renovators looking for a "blank canvas," investors attracted by the lot's premium status, or buyers who want an affordable entry into the neighbourhood with room to grow outdoors.