Property Overview & Key Characteristics
This 1955-built, one-storey home in East Elmwood presents a compelling opportunity centered on its land and location. The primary appeal lies in its substantial 8,313 sqft lot, which ranks in the top 2% on its street and top 1% within the neighbourhood. This generous outdoor space offers significant potential for gardening, expansion, or future development, a rare find in mature areas. With a modest 919 sqft living area, the house itself may appeal to those seeking a simpler, manageable footprint or a solid foundation for renovation.
The property suits practical buyers who prioritize land value over immediate move-in condition. It’s ideal for a long-term investor, a handy homeowner planning gradual updates, or a buyer looking to secure a large lot in a stable neighbourhood. The home’s assessed value has shown notable growth, increasing from $235k in 2019 to $300k, indicating strong underlying value appreciation. Its appeal is less about luxury finishes and more about the tangible asset of the land and the opportunity it represents.
Frequently Asked Questions
1. What is the true draw of this property?
While the house is a functional, older bungalow, the standout feature is the lot size. At over 8,300 sqft, it is significantly larger than most in the area, offering privacy and future potential that is increasingly hard to find.
2. Is the house in move-in condition?
Given its age and modest living space, buyers should anticipate typical maintenance or updates for a home from the 1950s. The value proposition is more about the land and location than a turn-key interior.
3. How does the assessed value compare to recent sales?
The current assessed value is $300k. The home last sold in June 2021 for $302k, suggesting the assessment is closely aligned with a recent market price, providing a solid benchmark.
4. What is the neighbourhood like?
East Elmwood is a mature, established neighbourhood. The property ranks exceptionally high for lot size within this area, indicating you’d be securing one of the larger, more private parcels on the street.
5. Is this a good investment property?
The substantial lot size is a key investment attribute, as land often drives long-term value. The steady increase in assessed value over recent years and the large, usable yard make it suitable for a buy-and-hold strategy or a future renovation project.