Property Overview
This 1,073 sqft condo at 13-480 Chalfont Road in Elmhurst presents a specific and compelling value proposition. Its key appeal lies in a notable imbalance between its modest size and its high assessed value, which signals strong underlying value for the neighbourhood and property type.
Key Characteristics & Ideal Buyer
The unit is a basement-included condo in a building constructed in 1997. Its living space is average for the immediate area and city-wide. The standout characteristic is its financial profile: with an assessed value of $46.60k, it ranks in the elite top 5% in Elmhurst and top 4% city-wide for comparable properties, far exceeding local and city averages. This suggests factors beyond raw square footage—such as the renovated basement, building amenities, or specific location within Elmhurst—are driving its official valuation. It last sold for $47.50k in October 2023.
Its appeal is for the value-conscious buyer who understands that municipal assessment can reflect long-term stability and resale potential. It would suit a first-time buyer or investor looking for a foothold in a stable neighbourhood, where the property holds a premium position relative to its peers. It’s less suited for those purely seeking maximum interior space for the price.
Frequently Asked Questions
1. What does an "Elite" assessed value ranking mean?
It means this property’s municipal assessed value is higher than 95-96% of comparable properties in its neighbourhood and city. This often reflects a combination of lot, building condition, improvements, and market position that the city deems well above average.
2. Is the living area smaller than average?
At 1,073 sqft, it is slightly below the local average for similar homes (~1,140 sqft) but is close to the city-wide average. The space is efficiently configured, and the inclusion of a renovated basement adds functional living area.
3. The building was built in 1997. Is that a concern?
At 29 years old, the building is relatively mature but not historic. This age often means major systems have been updated, and the building is settled, but a review of the condo reserve fund and recent special assessments is essential to understand future financial obligations.
4. Who are my immediate neighbours?
The listing shows several units at the same 480 Chalfont Road address, indicating this is a condo complex or multi-unit building. Your closest neighbours would be other unit owners in the same building.
5. Why is there such a gap between the assessed value and average sale prices in the area?
The assessed value is for the property itself, which ranks very high. The average sale prices you see may include different property types (e.g., smaller condos, older homes) in the broader area. This unit’s assessment suggests it is considered a premium asset within its specific market segment.