Property Overview
This one-storey home at 677 Oxford Street in Central River Heights presents a specific and compelling value proposition. Its key appeal lies in the combination of a generous, above-average lot in a well-regarded neighbourhood with a home that offers a renovated basement but modest main-floor living space. Built in 1954, it is newer than many homes on its street and in the immediate area. The data suggests the property’s value is anchored more in its land and location than in the size of its existing structure. This would suit a practical buyer looking for a foothold in Central River Heights, potentially a first-time homeowner, an investor, or someone willing to live in the compact main floor while utilizing the renovated basement space. It also holds clear potential for future expansion or redevelopment, given the lot size.
Frequently Asked Questions
1. Is the house small?
Yes, the main living area is approximately 1,002 square feet, which is below average for both the street and the neighbourhood. The home’s layout is compact, making efficient use of space.
2. What does "renovated basement" mean?
While specific finishes aren’t detailed, the listing confirms the basement has been renovated. It’s important to clarify the extent, quality, and permitted status of these renovations, and whether the space is developed as a legal suite or additional living area.
3. Why is the assessed value notably different from the last sale price?
The home last sold in 2019 for $37,500, while its current assessed value is $44,100. This increase likely reflects market changes and the value of the renovations done to the basement. It’s crucial to remember that assessed value is for taxation purposes and may differ from current market value.
4. What are the real advantages of the lot?
At nearly 6,000 square feet, the lot is larger than most in the area. This provides more outdoor space, greater privacy from neighbours, and significant future potential. For the right buyer, this land represents the property’s most valuable long-term asset.
5. How does this property compare to the house next door at 690 Oxford?
The neighbouring home at 690 Oxford, built a year earlier, offers a useful comparison. It has a slightly smaller living area (928 sq ft) and a lower assessed value, suggesting 677 Oxford may have an edge due to its renovations and slightly larger footprint, but viewing both would provide the best context.