174 Westgrove Way – Property Summary
Key Characteristics & Buyer Profile
This is a 1971 bungalow with 878 square feet of living space on a 1,380-square-foot lot. The property’s main draw is its year built: it ranks in the top 5% on the street for age, meaning it’s among the newer homes in an established area where most houses were built around the same time. Assessed value sits at $201,000, which is below both the street average ($230,800) and well below the citywide median. The living area is slightly smaller than the street average but significantly smaller than the neighborhood and city norms. The lot is also notably compact—among the smallest on the street and in the wider area.
The appeal here is less about space or land and more about affordability and relative newness in a well-established pocket of Westdale. Buyers who would suit this property are likely first-time homeowners looking for a lower entry price in a mature neighborhood, or downsizers who don’t need a large yard or extra square footage. It also suits someone who values the structural timeline—1971 construction in this area is on the newer side, which can mean fewer major renovation headaches than older stock. The low assessed value relative to neighbors also suggests potential for value growth if the area appreciates, though that’s not guaranteed.
Five Possible FAQs
1. How does the compact lot impact daily use or resale?
A 1,380 sqft lot is tight—it’s well below the neighborhood average of 5,168 sqft. Outdoor space is minimal, so this won’t suit someone wanting a garden, large deck, or room for kids to play. For resale, the small lot limits appeal to buyers who prioritize land, but it also means less maintenance and lower property taxes.
2. Why is the assessed value so much lower than the street average?
Assessed value reflects market factors like size, condition, and recent sales. The property’s living area and land are both smaller than most on the street, which pulls the value down. It’s not necessarily a sign of poor condition—just a smaller, more modest home compared to neighbors.
3. Is “top 5% for year built” a significant advantage?
In a neighborhood where most homes date to the early 1970s or earlier, being one of the newest can mean better insulation, updated electrical or plumbing, and fewer deferred maintenance issues. But “newer” in this context only goes back to 1971, so it’s not new by modern standards. Still, it’s a relative edge in an older area.
4. What are typical carrying costs beyond the mortgage?
With a low assessed value, property taxes should be modest. The small footprint and lot mean lower utility bills and less upkeep. Buyers should still budget for typical older-home costs like roof, furnace, and window replacements—age alone doesn’t guarantee everything is in good shape.
5. How does this property compare to condos or townhouses in the same price range?
For a similar price, a condo might offer amenities and less maintenance, but you’d own no land and pay monthly fees. This property gives you freehold ownership and a small yard, with potentially lower monthly costs. The trade-off is less community infrastructure and more personal responsibility for upkeep.