525 Basswood Place – Property Summary
Key Characteristics & Buyer Profile
This 1913 home in Wolseley offers 1,659 square feet of living space on a 3,080-square-foot lot. Its assessed value sits at $462,000.
The property stands out most for its value relative to its immediate street. It ranks #1 out of 53 homes on Basswood Place for assessed value, with the street average around $337,000. The living area is also solid—top 11% on the street—and the home is one of the older, more established houses in a neighbourhood where the average build year is 1916.
That said, lot size is modest. It's roughly average for the street and neighbourhood, but well below the citywide average for comparable homes (6,570 sqft). This means the appeal isn't about land or a big yard. It's about getting a well-sized, higher-value home in a sought-after older neighbourhood without paying the premium you'd expect for the street.
This would suit a buyer who values character and location over outdoor space. Someone who wants to live in Wolseley—known for its tree-lined streets, older homes, and walkable community—but is looking for a property that already has strong equity relative to its neighbours. It may also appeal to an investor or homeowner who sees the assessed value gap between this property and the neighbourhood average as a sign of long-term stability rather than flip potential.
Five Frequently Asked Questions
1. How does the 1913 build year affect maintenance?
Homes built in 1913 are common in Wolseley. You should expect older systems—plumbing, electrical, insulation, foundation—rather than major structural issues specific to this age. What matters more is how well the home has been updated over time, not the year itself. A 1913 home that's been maintained is often more reliable than a 1950s home that hasn't.
2. Why is the assessed value so much higher than the street average?
Assessed value reflects market conditions, not just square footage or lot size. The $462,000 value here outpaces the street average by roughly $125,000, which likely means this home has had more updates, better finishes, or a layout that buyers prefer. It could also reflect a recent renovation that neighbouring homes haven't done.
3. Is the lot size a problem for resale?
Not necessarily, but it depends on expectations. Citywide, lots average 6,570 sqft, so this one is small by comparison. However, in older, denser neighbourhoods like Wolseley, smaller lots are the norm. A buyer looking for a huge yard would be disappointed, but someone wanting a manageable outdoor space in a walkable area likely wouldn't mind.
4. What does "Around Average" mean at the neighbourhood level?
For living area, assessed value, and lot size, this property lands near the middle of Wolseley's range. That's not a weakness—it means the home is consistent with what the area typically offers. The standout feature is the street-level ranking, not the neighbourhood comparison.
5. Who would pay a premium for this home compared to others on Basswood Place?
A buyer who values condition, move-in readiness, or specific interior features over the chance to negotiate on price. If neighbouring homes need updating and this one doesn't, the assessed value gap makes sense. The premium isn't for land or size—it's for a home that's already in better shape or more thoughtfully finished.