This is a distinctive property defined by its exceptionally large, mature lot of over half an acre (26,318 sqft) in the established Eric Coy neighbourhood. The single-storey home itself, built in 1928, is modest in size at 1,033 sqft and presents as a project, with significant value residing in the land itself. Its appeal lies in the rare opportunity to own a vast, private parcel within the city—a canvas for renovation, expansion, or future redevelopment. The lot ranks in the top 1% for size city-wide, offering immense potential that is increasingly hard to find.
It would best suit a buyer with vision, whether that's a renovator looking to modernize a character home with room to grow, a builder/investor eyeing the long-term development potential (subject to zoning), or someone simply seeking unparalleled outdoor space for gardens, recreation, or privacy that feels beyond the urban norm.
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What is the true value proposition here? The value is overwhelmingly in the land. The house, while livable, requires updating and should be evaluated as part of the lot's potential. This is a strategic purchase for the future, not a move-in-ready home.
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Given the age, what should I budget for immediately? Beyond cosmetic updates, a 1928 build necessitates thorough inspections for foundational integrity, roofing, plumbing, and electrical systems. Budgeting for essential systems updates is a prudent first step before considering renovations.
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Is the large lot a burden or an asset? It's both. It offers unmatched privacy and space but also requires significant maintenance (lawn care, landscaping). The long-term asset value, however, is substantial in a city where lots of this size are virtually extinct.
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How does the assessed value compare to the likely selling price? The city's assessment ($258,000) is typically below market value and reflects a formula that may not fully capture the premium for such a unique lot. Expect competitive offers to be based on development potential and comparable land sales, not the assessment.
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What’s the less obvious challenge with a property like this? The sheer scale of possibilities can be daunting. Having a clear plan—whether to live in it as-is, renovate, or hold for land value—is crucial to avoid the "potential paradox" where the cost of improvements outweighs the neighbourhood's prevailing price ceiling.