Property Overview
This home at 1691 Chancellor Drive in Waverley Heights presents a distinct value proposition centered on land and location. Built in 1974, its 923 sqft living space is notably below the average for both the street and the wider community, placing it in the smaller tier of area homes. However, this is balanced by a generously sized 6,966 sqft lot, which ranks in the top 10% on its street, offering significant outdoor space. The property’s assessed value for taxes is consistently close to the average across all comparison levels, suggesting it is priced in line with market expectations for its offering.
The appeal here lies in a trade-off: acquiring a larger-than-average lot in an established neighborhood, with the understanding that the house itself is compact and may require updates consistent with its era. It would suit first-time buyers or downsizers seeking a manageable interior footprint without sacrificing yard space, or investors/viewing the property as a land play with a liveable structure. A thoughtful perspective is that a smaller home on a large lot can represent lower ongoing utility and maintenance costs for the interior, while providing ample room for gardening, expansion, or future outdoor living investments.
Frequently Asked Questions
1. Is the house too small compared to others in the area?
Yes, the living space is significantly below the local average. This is a key consideration if interior square footage is a priority, but it also explains part of the accessible price point for the neighborhood.
2. What are the advantages of such a large lot?
The lot is a standout feature, offering privacy, space for recreation, gardens, or potential additions like a shed or deck. In established neighborhoods, large lots are a finite resource and can contribute to long-term value.
3. Does the 1974 build year mean there will be many issues?
While the home is older than most on its street, its build year is close to the citywide average. It would be prudent to have a thorough inspection focusing on era-specific components like original wiring, plumbing, windows, and insulation, which may need updating.
4. The assessed value is described as "close to average." What does that indicate?
It suggests the property is not unusually over- or under-valued by the municipal tax assessor compared to similar homes. It provides a neutral baseline, but the final market price is determined by buyer demand and current conditions.
5. Who might this property not be suitable for?
It may not suit buyers who prioritize modern, open-concept layouts or require multiple large bedrooms. Families needing substantial immediate indoor living space might find it limiting, despite the excellent outdoor area.