Property Overview & Key Characteristics
This one-and-three-quarter storey home, built in 1907, is defined by its practical proportions and established neighbourhood setting. Its primary appeal lies in its efficient use of space, offering a living area (1,208 sq ft) that is notably larger than many comparable homes on its street and in the Chalmers neighbourhood. This suggests a well-utilized floor plan within a classic structure. The lot size (2,762 sq ft) is typical for the immediate area, providing a manageable outdoor space.
The home suits a specific buyer: those seeking an entry point into homeownership with a character foundation, or an investor looking for a property with a very low assessed value relative to the citywide average. Its history shows steady, modest appreciation, indicating a stable, non-speculative market segment. A thoughtful perspective is that while the home is older, its above-average living space for the locale offers a tangible advantage over neighbouring properties, potentially providing more immediate utility than a newer but smaller build. It’s a property where value is measured in interior space and location rather than modern finishes or expansive land, as the basement is noted as unrenovated and there is no garage or pool.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
This is typical for older, compact homes in established neighbourhoods like Chalmers. The assessment reflects the home’s market segment, which is significantly different from the average for the entire city, which includes newer suburbs and larger properties.
2. What does "one & 3/4 storey" mean for the layout?
This style typically features two full floors, with the top floor having slightly sloped ceilings or dormers due to the roofline, creating cozy bedrooms or attic-style spaces that add to the home's character.
3. The home sold for $22.20k in 2021. Is the current assessed value accurate?
The assessed value ($19.60k) is close to the last sale price and is in line with recent sales on the street. In this price range, assessments and sale prices often align closely, reflecting a stable value.
4. What are the implications of having an unrenovated basement?
It presents both a blank canvas and a consideration. It offers potential for future expansion or utility, but any development would be an additional investment. It’s important to assess its current condition for basic systems and dryness.
5. How does the property compare to the homes next door?
The data shows 375 Tweed has a larger living area and a higher assessed value than several direct neighbours (e.g., 371, 377 Tweed), suggesting it may be a comparatively more substantial offering on the block, despite similar age and style.