Property Overview

This 1945-built, one-storey home at 595 Lipton Street presents a distinct profile. Its primary living space is compact at 747 sq ft, which is notably smaller than most comparable homes in the area, city, and on its own street. However, this is balanced by a significant asset: an exceptionally large lot of 4,698 sq ft, ranking in the top 1-2% for the street and neighbourhood. The home features a renovated basement and a detached garage. It recently sold for $340,000, a price that sits well above the local assessed value average, indicating a premium paid for its specific attributes.

The appeal here lies in a clear value proposition centred on land potential. The lot size is a rare find in the established Daniel McIntyre neighbourhood, offering ample outdoor space, garden potential, or future expansion possibilities that simply don't exist with typical parcels. It suits a specific buyer: either a hands-on owner who sees the charm and potential in a smaller, character home with a fantastic yard, or an investor/developer who recognizes the underlying land value. It’s less suited for those seeking immediate, spacious square footage without a renovation or addition project.

Frequently Asked Questions

Q: The house seems small compared to others. What are the advantages?
A: The smaller main footprint is offset by the renovated basement, which adds functional space, and the truly standout feature: the lot size. You're acquiring a proportion of land that is rare for the area, which provides privacy, outdoor room, and long-term options that most neighbouring properties cannot offer.

Q: Why did it sell for so much more than the local assessed value average?
A: Assessed values are for municipal tax purposes and often reflect general models. The sale price likely captures the market premium for two key factors: the uniquely large, desirable lot and the updated condition of the basement, which adds immediate livable space without the need for renovation.

Q: Is the detached garage a standard feature here?
A: In older neighbourhoods like Daniel McIntyre, a detached garage is common, but not guaranteed on every property. Its presence here is a practical asset for vehicle storage, a workshop, or extra storage, complementing the generous outdoor space.

Q: What does the "below average" living area ranking mean for resale?
A: It indicates the home's interior size will appeal to a specific segment of the market—those prioritizing lot size over square footage. Its resale will always be tied to the value of the land, making it attractive to similar land-conscious buyers or those looking to build, rather than those comparing purely on room count.

Q: The home is nearly 80 years old. What should I consider?
A: While the basement has been renovated, a home of this age will have core systems (roof, plumbing, electrical, foundation) that require careful inspection. The opportunity lies in the potential to modernize the main floor over time, with the significant advantage of already having ample land to work with, avoiding the need for a costly lot expansion.