Property Overview
This 1953 one-storey home on a standard 5,159 sqft lot in Central River Heights presents a unique profile. Its key appeal lies in the combination of a renovated basement and a detached garage on a decent-sized lot, all within a well-established neighbourhood. However, its 813 sqft living area is notably compact, placing it well below average for both the street and the area. The assessed value is significantly lower than area averages, reflecting the home's smaller size.
This property would suit a specific buyer: perhaps a first-time purchaser comfortable with a cozy footprint, an investor looking for a rental property with a separate basement unit (subject to verification), or someone seeking a lower-cost entry into the neighbourhood with plans to eventually expand or rebuild. Its value proposition is less about the existing house and more about the land, location, and the potential offered by the renovated basement and garage.
Frequently Asked Questions
1. Why is the assessed value so much lower than area averages?
The assessed value is primarily based on the home's very modest living area (813 sqft), which is among the smallest in Central River Heights. This results in a lower valuation compared to larger homes on similar lots.
2. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify if it is a legal, self-contained suite. This is a crucial point to verify with the seller and the city, as it impacts rental potential, insurance, and value.
3. Given the small house size, is this a "teardown" or renovation project?
While the home is livable with a renovated basement, the small main-floor footprint makes it a candidate for a significant expansion or eventual rebuild. The lot size and neighbourhood make it a viable project for a buyer with future renovation or construction plans.
4. How does the detached garage add value?
In a mature neighbourhood where many homes only have carports or rear lanes, a detached garage is a practical asset. It provides secure storage, workshop space, and protects a vehicle from the elements, adding functional value beyond the house itself.
5. The sale prices from 2017 and 2019 seem very low. Why?
These historical sale prices are consistent with the home's long-standing status as a smaller, modestly valued property in the area. They establish a previous value baseline but do not necessarily reflect the current market, which would be influenced by recent renovations, overall market conditions, and the value of the lot itself.