Property Overview
This two-storey home on Lilac Street in Earl Grey presents a classic, no-frills opportunity. Built in 1914, its 1,040 sqft of living space is modest, particularly for the immediate street where it ranks among the smaller homes. The property features a basement (not renovated) and sits on a standard city lot of just under 3,000 sqft, with no garage or pool.
Its appeal lies in its location within a desirable, established neighbourhood and its relative value. The home's assessed value is above average for Earl Grey, suggesting it is viewed favorably within a sought-after area. This creates a potential value proposition for a buyer willing to invest in updates. The home suits first-time buyers, practical downsizers, or value-oriented investors looking for a solid footprint in a prime neighbourhood without paying for modern finishes. It’s a property where the land and location are significant assets, while the house itself represents a canvas for personalization.
Key Considerations & FAQs
1. How does the size compare to the area?
The living space is compact at 1,040 sqft. It is below average for Lilac Street itself but is around the average size for homes across the broader Earl Grey neighbourhood.
2. Is the assessed value a reliable indicator of the sale price?
Not directly. The assessed value of $37,200 is for municipal tax purposes. The last known sale was in 2020 for $320,000. Market conditions and property demand will determine the final sale price, which will be significantly higher than the assessed value.
3. What does "above average" assessed value for the neighbourhood mean?
It indicates that, according to municipal assessment, this property holds more value relative to other homes in Earl Grey. This often reflects the specific lot, location, and the underlying value the assessor sees in the property, even if the house itself needs work.
4. What are the implications of an unrenovated basement?
This offers both a project and potential. It allows a new owner to finish the space to their own standards and needs (e.g., recreation room, rental suite, storage) but requires a planned budget and permits. It’s important to have it inspected for moisture, foundation integrity, and HVAC suitability.
5. The home is over 100 years old. What should I prioritize?
While charm is a given, focus on the major systems and structure. A thorough inspection should target the foundation, roof, plumbing, and electrical wiring to understand what immediate updates are necessary for safety and efficiency before considering cosmetic improvements.