Property Overview: 314 Melrose Avenue W
Key Characteristics & Appeal
This home presents a distinct profile centered on space and value within its immediate neighborhood. Built in 1914, it is a century-old property with a living area of 1,091 sq ft, which is notably above average for both Melrose Avenue and the broader Melrose area. This suggests a home that may offer more interior room than many of its nearby counterparts. The lot size of 2,970 sq ft is more modest in comparison to area averages.
The primary appeal lies in its recent sold price history, indicating strong market demand and value growth. It last sold in the $250k-$300k range in 2024, a significant increase from its $150k-$200k sale in 2021. Despite this market performance, its assessed value for tax purposes remains low ($21,200), which is a consistent feature among homes on this street. This creates a potential financial dynamic of lower property taxes relative to potential market value.
This property would suit a value-conscious buyer looking for above-average interior space in an established neighborhood, who is comfortable with the maintenance considerations of an older home. It’s also a candidate for buyers interested in areas where assessed values haven't yet caught up to recent sale prices. The significant appreciation over three years may attract those seeing ongoing potential, but it also means entering at a notably higher price point than just a few years ago.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Assessed value, used for calculating property taxes, often lags behind rapid market changes. The substantial increase in sale price between 2021 and 2024 may not yet be fully reflected in the official assessment, which appears consistently low for this entire street.
2. What does the "above average" living area ranking mean practically?
It means this home's interior square footage is larger than approximately 75% of similar homes on Melrose Avenue W and in the Melrose area. You are likely getting more indoor space than most comparable properties nearby.
3. Are there concerns with a house built in 1914?
While offering classic charm, a 112-year-old home requires diligent attention to aging components like plumbing, electrical, and the foundation. A thorough, specialized inspection is essential to understand the condition and potential upcoming investments.
4. The lot size is ranked "below average." How significant is this?
The lot is smaller than many in the city and area, but it's closer to the street average. It provides a manageable outdoor space but may limit expansion possibilities or feel compact compared to newer suburban lots.
5. How reliable are the provided sold price ranges?
The ranges are based on public data. For the exact historical sold prices, you must request them directly via the provided email service, as precise figures are not publicly disclosed in all jurisdictions.