Property Overview & Appeal
This well-situated one-storey home in Central River Heights is defined by its generous 7,211 sqft lot, which is significantly larger than most in both the immediate area and citywide. Built in 1953, the house itself is a modest 1,221 sqft with a renovated basement and a detached garage. Its appeal lies in the substantial outdoor space and the potential it offers in a coveted neighbourhood. The lot size is a standout feature, providing room for gardens, expansion, or simply a rare sense of privacy for the area. The recent basement renovation adds modern livable space, offsetting the smaller main floor footprint.
This property would suit a buyer who values land over square footage, such as a downsizer seeking manageable indoor space with a large yard, or a visionary buyer who sees the long-term potential to renovate or expand the existing home. It’s also a practical entry point into a desirable neighbourhood where the land itself is a key asset, often appreciating independently of the structure.
Frequently Asked Questions
Q: How does the lot size compare to nearby properties?
A: The lot is in the top 17% on Oak Street and the top 6% within Central River Heights, meaning it is substantially larger than most direct neighbours and area homes.
Q: The living area seems smaller. How does the renovated basement factor in?
A: The main living area is below average for Oak Street but around the citywide average. The renovated basement effectively adds functional square footage, making the total usable space more competitive and move-in ready.
Q: Is the assessed value in line with the recent sale price?
A: Yes. The property was assessed at $410k and sold for $390k in November 2023, indicating the sale was very close to its municipal valuation.
Q: What is the likely profile of other interested buyers?
A: Given the configuration, you can expect competition from downsizers seeking a large yard without a large house to maintain, and from investors or builders who recognize the value of the land for future redevelopment or renovation.
Q: Are there any obvious trade-offs with this property?
A: The primary trade-off is between the highly desirable large lot and the older, smaller home. Buyers gain exceptional outdoor space and location but may need to plan for updates or an expansion over time to increase the living area, which is reflected in the price point.