31 Franklin Bay – Property Summary
Key Characteristics & Buyer Profile
This home on Franklin Bay in Westwood stands out primarily for its combination of a large lot and a relatively recent build. At 8,188 sqft, the lot ranks in the top 10% on the street and top 11% citywide—significantly larger than the neighborhood average of 6,491 sqft. Built in 1997, it is one of the newest homes on its street (top 10%) and an outlier in a neighborhood where the average home dates to 1966 (top 1% for the area). The living area of 1,951 sqft is above average across all three comparison levels, but its standout feature is the assessed value of $586k, which places it in the top 4% of the neighborhood and well above the local average of $392k.
The appeal here is not just square footage or a single metric, but the combination of a newer, well-sized house on a generous lot in an established neighborhood. Most homes in Westwood are older and on smaller parcels, so this property offers a rare balance of modern age and outdoor space without being in a new subdivision. It would suit buyers who value a mature, tree-lined area with larger properties but want a home that doesn’t require immediate updates or a full renovation. Families looking for a solid layout, room to expand or garden, and a home that holds its value relative to the surrounding stock would find this a practical fit. It is less suited for those seeking a compact, low-maintenance property or a very new, cookie-cutter development.
Frequently Asked Questions
1. How does the assessed value compare to similar homes nearby?
The assessed value of $586k is notably higher than the Westwood neighborhood average of $392k and ranks in the top 4% of the area. On Franklin Bay itself, it is also above average, ranking 5th out of 29 homes. This reflects the combination of newer construction and larger lot size.
2. Is the lot size genuinely usable, or is it just a number?
At 8,188 sqft, the lot is significantly larger than both the street average (5,887 sqft) and the neighborhood average (6,491 sqft). For Westwood, where many lots are smaller and homes are older, this offers genuine space for a sizable yard, garden, or potential future addition—though always confirm local zoning before planning changes.
3. Why does the year built matter so much in this neighborhood?
The home was built in 1997, while most homes in Westwood date to around 1966. This puts it in the top 1% of the neighborhood for newer construction. That often means better insulation, modern electrical and plumbing, and fewer immediate maintenance surprises compared to a 50+ year old home in the same area.
4. How does the living area compare to other properties on the market right now?
At 1,951 sqft, it is above the citywide average for comparable homes (1,342 sqft) and above the street average (1,634 sqft). It is not the largest home available, but it is comfortably spacious for a family home and well within the upper tier for its immediate street and neighbourhood.
5. What are the potential drawbacks someone should consider?
The home is in an established, older neighborhood, meaning surrounding houses may have different character and age. Some buyers may prefer a newer subdivision with uniform aesthetics. Additionally, a larger lot means more exterior maintenance—lawn care, snow removal, and landscaping—compared to a typical newer infill property. The assessed value is high relative to the area, which may influence property taxes.