Property Overview & Key Characteristics
This 1958 one-storey home on a spacious 4,899 sqft lot in the Melrose neighbourhood presents a practical and straightforward opportunity. Its key appeal lies in its balance of a larger-than-average lot and a recently renovated basement, offering immediate utility and future potential. With a modest 736 sqft living area, the house itself is compact, ranking in the top 15-16% for size within its immediate area, suggesting a neighbourhood of similarly scaled homes. The detached garage adds practical storage or workshop space.
The property would suit first-time buyers or downsizers looking for a manageable footprint without sacrificing outdoor space. It’s also a candidate for a long-term holder who values the upside of the lot size and the completed basement renovation over a larger existing house. A thoughtful perspective is that while the home is smaller, its lot size ranks highly (top 26-27% locally), which could be a strategic asset for expansion (subject to permits) or simply for enjoying more private outdoor space than is typical in the area.
Frequently Asked Questions
1. How does the smaller living area impact value?
While the 736 sqft living area is below the neighbourhood average, this is reflected in the accessible price point. The value is balanced by the renovated basement, which adds functional space, and the premium lot size.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A key follow-up would be to determine the finish quality, ceiling height, proper permits, and whether it includes a bathroom or legal secondary suite potential.
3. Is the 68-year-old age of the home a concern?
The 1958 build date is common for the area. The renovated basement is a positive update. A pre-purchase inspection would be crucial to assess the condition of major original components like the roof, wiring, plumbing, and foundation.
4. How does the assessed value relate to the likely selling price?
The assessed value of $28.7k is for municipal tax purposes only and is typically significantly lower than market value. Market price is determined by recent sales of comparable properties, location, and condition.
5. What is the neighbourhood like for day-to-day living?
Melrose is a mature, established neighbourhood. The high ranking for lot size on the street suggests a less densely packed feel than some areas. Proximity to nearby amenities like Regent Avenue would be a point of investigation for convenience.