Property Overview
This one-storey home on a generous 5,001 sqft lot in Rossmere-B presents a specific and compelling opportunity. Its key appeal lies in its land value and potential, rather than its current living space. Built in 1923, the house itself is modest at 543 sqft, ranking it among the smallest in the area, and it features no basement. However, its assessed value is remarkably low at $18,600, placing it in the top 3% of the street for low property taxes. This combination signals a property where the value is almost entirely in the land itself.
The profile suits a particular type of buyer: those looking for a strategic investment in a mature neighbourhood. It's a prime candidate for a knockdown and rebuild, a major expansion, or for an investor comfortable with a renovation project. Its appeal is not for someone seeking a move-in-ready home, but for a buyer with a vision to capitalize on a large lot in an established community. The very low square footage and assessed value suggest the current structure adds minimal financial burden, making the land the clear asset.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is primarily based on the existing structure. Given the home's very small size (543 sqft) and age, the municipal assessment reflects a low value for the building, resulting in proportionally lower property taxes compared to neighbours.
2. Is this a teardown property?
While not explicitly stated, the data strongly suggests it. The combination of a very small, century-old house on a large lot with an extremely low assessment typically indicates that the land holds the majority of the property's value, making redevelopment a logical consideration.
3. What are the implications of having no basement?
This limits storage and mechanical space, and eliminates potential for a below-grade suite or recreational area. Any significant renovation or rebuild would need to accommodate utilities and living space entirely on the main floor or in an above-grade addition.
4. The living area is ranked in the bottom 1%. How does that affect livability?
The 543 sqft layout would require efficient, minimalist living and is likely configured with few rooms. It is not suited for a growing family or those accustomed to more space without plans for a major renovation.
5. The year built is 1923, but it ranks in the top 6% for being "newer" in the neighbourhood. What does that mean?
This statistical rank is counterintuitive. It indicates that a significant majority of homes in Rossmere-B were built even earlier than 1923, highlighting the area's deeply established, mature character. The home, while old, is actually among the younger houses in this specific part of the community.