771 Haney Street

Property Overview

This 1955-built, one-storey home in Elmhurst presents a distinct opportunity centered on its generous, mature lot. Its primary appeal lies not in the size or modernity of the 996 sqft dwelling, but in the exceptional 15,595 sqft property it sits on—a rare find that ranks within the top 3% of the community for land area. The home itself offers basic, functional living space with a finished basement and a detached garage. Its value proposition is clear: it’s a land play with a liveable house. This property would perfectly suit a buyer with a long-term vision, such as someone looking for a quiet, established neighbourhood with ample outdoor space for gardens, recreation, or future expansion. It’s also a practical fit for downsizers seeking single-level living without sacrificing yard size, or for an investor recognizing the inherent value and redevelopment potential of such a sizable lot in a well-regarded area.

Key Questions & Considerations

1. What does the "finished basement" include?
   Given the home's era and modest main floor square footage, the condition and layout of the finished basement are crucial. It's important to clarify if it adds functional living space, like a family room or additional bedroom, or is primarily basic storage and utility space.

2. How does the 71-year-old age of the home impact major systems?
   Prospective buyers should proactively investigate the age and condition of core components like the roof, plumbing, electrical, and foundation. The rankings indicate the home is older than most in the area, so a thorough inspection is essential.

3. What is the potential for expansion or redevelopment?
   The enormous lot is the star feature. Buyers should inquire with the city about zoning bylaws to understand what is possible, whether it's a significant addition, building a secondary suite, or eventually replacing the home—all while considering the substantial lot size that provides unusual flexibility.

4. Why is the assessed value relatively moderate compared to the lot size ranking?
   The assessment reflects the current improved property (house + land). The high land ranking but more moderate value ranking suggests the assessment heavily weights the older, smaller dwelling. This can indicate a market value driven by the land's potential, which may not be fully captured in the tax assessment.

5. What is the neighbourhood character and typical buyer?
   Elmhurst is known for its large lots and established feel. Understanding whether the immediate block consists of original homes, significant renovations, or new builds will provide context for the property's current state and its future fit within the area.