Property Overview & Appeal
This home at 421 Melrose Avenue W is a classic 1947 bungalow that presents a clear value proposition centered on its land. With a living area of 864 sqft, the house itself is modest and typical for its street and the broader Melrose area. Its assessed value is also in line with local norms. The standout feature is the 6,598 sqft lot, which ranks in the top 2-4% locally, offering significantly more outdoor space than most neighbouring properties.
The primary appeal lies in this generous lot size, which provides ample room for gardening, expansion, or future redevelopment. It suits a practical buyer—perhaps a first-time homeowner, an investor, or a downsizer—who sees potential beyond the existing footprint. This buyer values the opportunity to add value through landscaping, a garage, or a thoughtful addition more than they require a large, move-in-ready interior. It’s a property for those comfortable with a home of average size and condition but who recognize the long-term advantage and rarity of a larger lot in a settled neighbourhood.
Frequently Asked Questions
1. Is the house in need of major updates?
As a home built in 1947, buyers should anticipate elements typical of its age. While the public data doesn't specify condition, a home of this vintage likely requires modernized systems (like plumbing or electrical) and cosmetic updates. A thorough inspection is essential.
2. Why is the assessed value so much lower than the recent sold price?
The assessed value (approximately $28,800) is for municipal tax purposes and is often significantly lower than market value. The property sold in the $250k-$300k range in 2023, which is the relevant figure for understanding its market price.
3. What can I do with such a large lot?
The lot size is the key feature. Potential uses include creating extensive garden or recreational space, adding a substantial detached garage or workshop, or potentially expanding the home itself (subject to local zoning and permit approvals).
4. How does this property compare to others nearby?
The home is very average for the area in terms of size, age, and assessed value. Its key differentiator is the lot, which is notably larger than those of immediate neighbours, where the average lot size is around 4,100 sqft.
5. How can I find out the exact past sale price?
The listed sale price is a public range. The exact sale price can be requested directly from the site via email; they provide this data manually and state they do not use requests for unsolicited marketing.