Property Overview
83 Pike Crescent presents a distinct value proposition defined by a significant contrast between its modest home and its generous lot. Built in 1969, the 696 sqft bungalow is compact, ranking below average in size for both the neighbourhood and the city. Its assessed value is correspondingly low. The true standout feature is the land: a 6,613 sqft lot that ranks in the top 5% within Munroe East, offering substantial outdoor space that is rare for the area.
The appeal here lies in potential and privacy. It suits a buyer looking for an affordable entry into a stable neighbourhood, with the vision to either renovate and expand the existing home or, subject to approvals, build new to fully utilize the premium lot. It’s also a fit for those who simply value a large, private yard over interior square footage. This isn't a move-in-ready dream home; it's a strategic purchase for a homeowner, investor, or builder who sees the underlying asset—the land—as the primary value.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the current state of the improvement (the house). The compact size and age of the 696 sqft home result in a lower assessment, making property taxes relatively affordable for the area.
2. What can I do with such a large lot?
The lot size offers excellent potential. Owners could landscape for extensive gardens and recreation, add a sizable garage or workshop, or explore the possibility of a home addition. Future redevelopment may also be an option, subject to municipal zoning.
3. Is the house in need of major updates?
As a home built in 1969, buyers should budget for updates to major systems like roof, windows, plumbing, and electrical. The interior likely requires modernization, which is a key factor in its current pricing and appeal as a project.
4. How does the recent sale price compare to the assessment?
The home sold between $200k-$250k in March 2023. This sale price, well above the $20.5k assessed value, is typical and reflects the market value of the combined land and dwelling, whereas the assessment is a municipal calculation for tax purposes.
5. What is the neighbourhood like?
Munroe East is a mature, established neighbourhood. The property’s lot size is elite for the area, suggesting it is one of the more private and spacious settings on the street, even though the homes themselves are generally of a similar vintage and scale.