Property Overview
This 792 sqft one-storey home on a 5,213 sqft lot in Elm Park presents a compact, efficiently sized opportunity. Built in 1949, its key characteristic is a recently renovated basement, adding valuable finished space. The detached garage and above-average lot size for the immediate street offer practical utility and potential. Its appeal lies in being a manageable, updated property in a well-established neighbourhood, with an assessed value that is squarely average for the area, suggesting a stable and realistic market position. It recently sold in June 2024 for $38.10k, a price that ranks well above local averages, indicating strong buyer interest.
This home would suit first-time buyers or downsizers seeking a low-maintenance footprint without sacrificing outdoor space. It’s also a pragmatic fit for an investor looking for a character home in a mature neighbourhood, with the renovation work already started. A less obvious perspective is that its smaller living area, while below neighbourhood averages, translates to lower utility costs and less upkeep, which can be a significant long-term advantage. The fact that it outperforms most comparable city-wide sales in price suggests buyers see specific value here that raw square footage doesn’t capture.
Frequently Asked Questions
How does the living area compare to nearby homes?
At 792 sqft, the living area is below the average for both Glenlawn Avenue (1,075 sqft) and the wider Elm Park neighbourhood (1,247 sqft). This indicates a more compact, efficient layout.
What is the significance of the recent sale price?
The June 2024 sale price of $38.10k ranks in the top 14% of sales on its own street and top 28% in Elm Park, suggesting the property sold for a premium relative to many local comparables, likely due to its renovated condition.
Is the lot size a positive feature?
Yes. The 5,213 sqft lot ranks above average on Glenlawn Avenue, meaning this property offers more outdoor space than many of its direct neighbours, which is a notable asset.
What does the assessed value tell us?
The $33.20k assessed value is consistently around the average for the street, neighbourhood, and city. This typically indicates the property is not unusually over- or under-valued for tax purposes relative to its fundamentals.
Who might this property not suit?
Buyers requiring substantial above-ground living space or multiple large bedrooms may find the layout limiting. It’s best for those comfortable with a cosier main floor, utilizing the renovated basement to gain additional functional space.