Property Overview
This one-storey home at 595 Waterloo Street in Central River Heights is a property defined by its exceptional scale and prime location. Its primary appeal lies in its vast, private lot—over 11,600 square feet—which places it in the top tier of properties locally. The living space is also generously sized at over 2,500 square feet. While the home itself is from 1952 and features an unrenovated basement, it presents a significant opportunity. The combination of a massive lot in a coveted neighbourhood, along with a detached garage and pool, makes it a canvas for renovation or redevelopment.
The property is best suited for buyers with a vision. It would appeal to a builder or developer eyeing the land value and potential, or to a homeowner ready to undertake a substantial renovation to create a custom, modern residence on one of the area's largest private parcels. It’s less suited for someone seeking a move-in-ready home without major projects.
Key Details & FAQs
Key Characteristics & Appeal
- Uncommon Land Size: The nearly quarter-acre lot is its most defining feature, offering rare privacy and space in the city. This is the core of the property's value and potential.
- Location & Scale: Situated in desirable Central River Heights, the home itself is also large, providing ample room to live during a phased renovation or to reimagine the floor plan entirely.
- Type of Buyer: This is a project property. It perfectly suits a visionary buyer—whether a developer, an architect, or a hands-on homeowner—who sees the underlying asset and is prepared to invest more capital and time to realize its full potential. The recent sale price reflects this premium for land and possibility.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Municipal assessments are for taxation purposes and often lag behind market values, especially for unique properties. The sale price reflects what buyers are currently willing to pay for the combination of elite location, massive lot size, and the home's potential.
2. What does "basement, not renovated" typically imply?
It suggests the basement remains in largely original condition. Buyers should budget for necessary updates to mechanical systems, insulation, and likely moisture-proofing, while viewing the space as a blank slate for finishing.
3. Is the pool a feature or a liability?
It can be both. For a family seeking outdoor amenities, it's a bonus. However, it requires maintenance, impacts insurance, and consumes part of the valuable yard. Some buyers may see it as an opportunity to reclaim that space for other landscaping.
4. How does the 1952 build year affect the property?
While the structure is sound, systems like plumbing, electrical, and insulation will likely need upgrading to modern standards during a renovation. The era also typically means solid construction but a layout that may feel compartmentalized compared to open-concept modern designs.
5. What are the less obvious considerations with such a large lot?
Beyond privacy, consider ongoing maintenance (lawn care, snow clearing), potential bylaws governing additions or new builds (setbacks, height), and the long-term cost/benefit of maintaining such a large green space versus utilizing it for other purposes like a garden or expanded living area.