Property Overview & Key Characteristics
This 816 sqft bungalow at 262 Hazelwood Avenue in Meadowood presents a specific value proposition. Built in 1976, it is notably newer than most immediate neighbours, offering potential advantages in building materials and systems. The home sits on a 5,301 sqft lot that is larger than many on its street, providing valuable outdoor space. However, the living area is compact, ranking below average for the street, neighbourhood, and city. Its assessed value is consistent with the local area, but the last recorded sale price (2023, between $400k-$450k) suggests a market value significantly higher than its assessment, a point worth investigating.
Its appeal lies in its efficient scale and the balance between a manageable home and a generous lot. It suits first-time buyers seeking an entry point into homeownership with room to grow outdoors, or downsizers looking for a single-level living without a sprawling yard to maintain. The newer construction date relative to the street is a subtle but meaningful perk, potentially indicating fewer immediate major repairs. This isn't a home for those needing ample indoor space, but rather for those who prioritize lot size, neighbourhood stability, and a simpler footprint.
Frequently Asked Questions
1. Why is the sold price so much higher than the assessed value?
Assessed value for property tax purposes often lags behind rapid market changes. The 2023 sale price reflects what a buyer was willing to pay at that time, likely driven by broader market conditions, while the assessment is an administrative valuation. This discrepancy is common but should be factored into your financing and offer strategy.
2. How does the smaller living area impact daily life and resale?
The 816 sqft layout demands efficient use of space and decluttered living. It may feel cozy for a family but is workable for 1-2 people. For resale, it appeals to a specific segment (entry-level or downsizing buyers), which can be an advantage in a balanced market but may limit the pool of interested buyers compared to larger homes.
3. What does "newer than most on the street" actually mean for maintenance?
While still a 50-year-old home, being one of the newest on the block can suggest updates to building codes, wiring, or plumbing materials of that era. It doesn't eliminate the need for a thorough inspection, but it may mean some major components are relatively younger than those in neighbouring houses built a decade or more earlier.
4. Is the large lot a benefit or a burden?
This depends on your lifestyle. It offers great potential for gardening, expansion (subject to permits), or simply more private space. However, it also means more yard work and maintenance. For some, it's a premium feature; for others, it could be an ongoing time and cost commitment.
5. How do I find out the exact past sale price?
The listing service provides an estimated range from public data. You can obtain the exact historical sale price by emailing a request through the provided button on the property page. They provide this data manually and state they do not use contact information for unsolicited marketing.