Property Overview & Key Characteristics
This is a modest, one-storey home built in 1953 on a generous 4,799 sqft lot in Central River Heights. Its primary appeal lies in its land value and location, rather than the current dwelling. The house itself is quite small at 829 sqft, with an unrenovated basement and no garage. The assessed value is significantly lower than area averages, indicating the property is valued largely for its land.
It would suit a specific type of buyer: an investor, a builder, or a hands-on purchaser looking for a land opportunity in a well-established neighbourhood. This is a potential redevelopment site or a major renovation project. It is less suited for someone seeking a move-in ready home or who needs substantial living space as it currently stands.
Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring homes?
The low assessment primarily reflects the value of the land and the modest, unrenovated state of the existing structure, not the potential value of a new or significantly improved home on the lot.
2. Is this strictly a tear-down property?
Not necessarily. While the data suggests redevelopment is a strong possibility, the 1953-built home could also be a candidate for a major expansion and renovation, given the ample lot size.
3. What are the less obvious considerations for a property like this?
Beyond construction costs, consider the timeline and potential inconvenience of a major project in a mature neighbourhood. Also, research the neighbourhood's character and any informal guidelines regarding new builds or additions to ensure your plans align.
4. How does the lot size compare practically?
At 4,799 sqft, the lot is above average for Central River Heights. This provides valuable flexibility for landscaping, adding a garage, or building a larger footprint home than currently exists, which is a key asset.
5. What can nearby sale prices tell me?
The sale of the similar, slightly larger house next door at 690 Oxford Street in 2021 provides a recent benchmark for land value in this immediate block, which is more relevant than averages for renovated homes in the wider area.