Property Overview
This 1945 one-storey home on a generous 4,485 sqft lot in Crescentwood presents a distinct opportunity. Its key appeal lies in the combination of a desirable, established neighbourhood and a property with clear potential. The home itself is modest at 832 sqft with a renovated basement, and it features a detached garage. The lot size is above average for the immediate street and offers a canvas for expansion or landscaping. With an assessed value significantly below the neighbourhood average, it represents a relatively accessible entry point into Crescentwood.
This property would suit a specific type of buyer: those looking for a value-conscious way to enter a prime neighbourhood, willing to live in a compact footprint or undertake a renovation or expansion over time. It’s also a practical option for investors considering a hold-and-renovate strategy or for someone primarily seeking land value in a central location. A less obvious perspective is that its smaller living area and below-average assessment for the area could translate to relatively lower property taxes compared to neighbouring homes, which is a practical, ongoing financial benefit.
Frequently Asked Questions
1. Is this a teardown property?
Not necessarily. While the living area is small compared to neighbouring homes, the house is maintained with a renovated basement. It is more accurately seen as a prime candidate for a significant renovation or a lateral/vertical addition, given the substantial lot size.
2. Why is the assessed value so much lower than other homes in Crescentwood?
The assessed value reflects the property’s current state—specifically its smaller size and older construction date relative to many area homes. Assessments are based on market value for its existing form, not the potential value after redevelopment.
3. What are the main considerations for expanding this home?
The large lot provides excellent space for an addition. Key considerations would be zoning bylaws, setback requirements, and the cost of construction relative to the neighbourhood’s price ceiling. Engaging an architect or builder early is advisable.
4. How does the sale history inform the current value?
The property last sold in May 2022 for $37,300, very close to its current $38,500 assessment. This suggests a stable, land-value-based market for the home in its current condition, with any premium likely tied to broader market shifts or development potential.
5. What is less obvious about living on this specific street in Crescentwood?
Dorchester Avenue offers the established charm and convenience of Crescentwood, but with this property, you are acquiring a plot size that is larger than many on the same block. This provides a rare blend of a central location with more private outdoor space than is typical for the price point in the area.