Property Overview
This 1953 one-storey home at 660 Montrose Street in Central River Heights presents a specific and appealing opportunity. Its primary appeal lies in the combination of a generous, above-average lot in a desirable neighbourhood with a home that has a renovated basement, offering a solid foundation for future updates. The detached garage adds practical value. This property is well-suited for a first-time buyer or an investor looking for a entry point into a prime area, with the vision to gradually update the main living space over time. It would also suit a downsizer seeking a manageable single-level layout on a quiet street, who values outdoor space more than a large interior footprint. A thoughtful perspective is that the below-average living area, while a consideration, results in lower utility costs and less maintenance, focusing the value squarely on the land and location.
Key Characteristics & Buyer Profile
- Key Characteristics: The home sits on a 6,000 sqft lot, which is larger than most on the street and in Central River Heights. The living area is a modest 1,074 sqft, indicating a compact main floor, but it benefits from a renovated basement. It features a detached garage and was last sold in 2017 for $290,000.
- Primary Appeal: The appeal is anchored in the land and location. You are purchasing a sizeable property in a consistently sought-after neighbourhood. The renovated basement provides immediate functional space, while the main floor offers a blank canvas. The assessed value is relatively low for the area, suggesting potential for value growth through updates.
- Ideal Buyer: This property suits a pragmatic buyer who prioritizes location and lot size over move-in-ready perfection. It's ideal for someone with renovation plans, whether immediate or phased. It is less suited for those requiring significant immediate living space on one level without a willingness to develop the basement.
Frequently Asked Questions
1. Is the house in need of major updates?
Given its age (1953) and the fact that the basement is noted as renovated, the main floor likely requires modernization. Buyers should budget for updates to kitchens, bathrooms, and systems.
2. How does the smaller living area impact livability?
The 1,074 sqft main floor is compact. However, the renovated basement effectively doubles the usable space, making the overall footprint comfortable for a small household or couple.
3. Why is the assessed value significantly lower than the last sale price?
The assessed value is for municipal tax purposes and often lags behind market value. The 2017 sale price of $290k is a more current benchmark, though market conditions have changed since then.
4. What are the benefits of such a large lot?
The 6,000 sqft lot offers excellent outdoor space for gardening, recreation, or future additions like a deck or patio. It provides a sense of privacy and room to breathe that is uncommon in newer subdivisions.
5. Is this a good investment for the Central River Heights area?
Properties in this neighbourhood generally hold their value well. The combination of a lower purchase point for the area and the potential to add value through strategic updates makes it a considered investment opportunity for the long term.