Property Overview & Key Characteristics

This home at 828 Redwood Avenue is a compact, early-1900s one-and-a-half storey with a detached garage, situated on a standard city lot in Burrows Central. Its primary appeal lies in its position as an accessible entry point into homeownership, underscored by its recent sale price of $90,000, which is notably below average for the area. The property suits buyers with a limited budget, DIY renovators looking for a project with a low initial cost, or investors seeking a rental property with a modest capital outlay.

A closer look at the data reveals a property of contrasts. While the land size is fairly typical for the street, the 660 sqft living area is significantly smaller than most local homes, indicating a very efficient or potentially cramped layout. The 1907 build date means it has pre-dated many modern building standards, which is a key consideration. The very low assessed value signals that the property, in its current state, is viewed as a land-value proposition or a major fixer-upper. Its value is fundamentally in the opportunity it presents rather than in its present condition.

Frequently Asked Questions

1. Why is the assessed value so much lower than the sale price?
Assessed values are for municipal tax purposes and often lag behind market trends. A recent sale price is typically a more accurate reflection of current market value. In this case, the sale price, while still low, suggests buyers see more potential than the official assessment indicates.

2. What are the main implications of a home built in 1907?
Expect older building materials and systems. This can mean charm and solid craftsmanship, but also a higher likelihood of needing updates to wiring, plumbing, and insulation. It's wise to budget for a thorough inspection to identify any latent issues common in homes of this era.

3. The living space is small. Is there potential to expand?
The lot size is average for the neighbourhood, so there may be physical space to consider an addition, subject to local zoning bylaws and setback requirements. The existing basement, noted as unrenovated, could also be a candidate for future development to increase liveable area.

4. How does this price compare to other homes on the street?
The sale price of $90k is in the bottom 6% for Redwood Avenue, based on the provided rankings. Nearby comparable listings have recently sold for prices reflecting higher assessed values and larger living areas, confirming this property's status as a lower-priced option on the street.

5. What type of ongoing costs should I anticipate?
Given the age and value, insurance may be calculated differently, and utility costs could be higher if the home lacks modern energy-efficient features. Property taxes will be based on the assessed value, which is currently low, but may be reassessed following the recent sale.