Property Overview & Key Characteristics
This home at 125 Pandora Avenue E is a character property defined by its history and its land. Built in 1908, it is notably one of the oldest homes on its street and in the Melrose area. With 840 sqft of living space, the house itself is compact, smaller than both the local and city-wide averages. However, it sits on a generous 4,801 sqft lot, which is larger than most in the Melrose area. The assessed value is significantly below average at $18,100, reflecting its age and modest improvements relative to the market.
Its appeal lies in its potential and location. The large lot for the area presents opportunities for expansion, gardening, or future development, offering a tangible asset that newer infill properties often lack. It suits a specific type of buyer: a hands-on individual or investor looking for a character home with land to shape over time, who values lower property taxes due to the low assessment, and who is prepared for the maintenance and updating that comes with a century-old structure. It is less suited for those seeking a modern, move-in-ready standard home.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sold price range?
The sold price (estimated $200k-$250k in 2024) reflects the current market value between a buyer and seller. The much lower municipal assessment is typically based on older market data and the property's physical characteristics, which for an older, smaller home results in a lower valuation for tax purposes.
2. What does the "top percentage" ranking mean for Year Built?
Rankings like "Top 100%" for Year Built indicate this is the oldest property in the comparison group. In this context, a 100% rank means 100% of comparable homes are newer, placing this 1908-built home at the very bottom of that list for modern age.
3. Is the large lot size a major advantage?
Potentially, yes. The lot is above average for the Melrose area. This provides more outdoor space and could offer future flexibility, such as adding an addition (subject to zoning) or creating a substantial garden, which is uncommon in more densely built neighbourhoods.
4. What should I consider with a home from 1908?
Prospective buyers should budget for and investigate the condition of major aging components like the foundation, plumbing, electrical systems, and roof. While it offers charm, the maintenance and upgrade costs for a 118-year-old structure will be different from those for a newer home.
5. How reliable are the "sold price" estimates shown?
The price ranges provided are based on available public data, but some transactions may not be captured or may be estimated. For the exact, verified sold price, you need to request it directly via the provided email service, as the listing source maintains that database separately.