Property Overview: 55 Tamworth Bay, Fort Richmond

Key Characteristics & Appeal

This 1965-built, four-level split home in Fort Richmond stands out for its generous proportions and established lot. With 1,738 sqft of living space, it ranks in the top 3% for size on its street and well above average for the neighbourhood and city. The property sits on an 8,128 sqft lot, which is notably larger than most comparable plots in the area, offering ample outdoor space and potential. It features a detached garage and a basement that is present but not renovated, presenting a blank canvas for customization.

The primary appeal lies in its space and location. It offers significantly more room than typical homes in the immediate vicinity, making it a standout for buyers seeking size without moving to a newer suburb. The large lot is a rare find in mature neighbourhoods and provides privacy, gardening opportunities, or room for future additions. Its assessed value is positioned as above average for the street and around the median for the wider area, suggesting a solid value proposition for the amount of space offered.

This property would best suit a practical buyer or family who values interior and exterior space over turn-key modern finishes. It’s ideal for someone comfortable with a home of this vintage and sees potential in the unfinished basement and the sizable yard. It’s less suited for those seeking a recently updated, low-maintenance property.

Frequently Asked Questions

1. What does "four-level split" mean for daily living?
This style typically means shorter flights of stairs between levels, creating distinct zones. It can be efficient for separating living, sleeping, and utility spaces, but involves more stair navigation than a bungalow or two-story home.

2. The assessed value seems low compared to the living area. Why?
The assessed value is for municipal tax purposes and is influenced by many factors, including the age of the home and the unrenovated basement. It often doesn't directly reflect current market value, which is more influenced by the desirable large lot and above-average square footage.

3. How significant is the "unrenovated basement"?
This indicates the basement is functional but likely lacks finished living spaces like a rec room or modern bathroom. It represents both a cost-saving on the purchase price and an opportunity to customize the space to your needs, but will require an additional investment.

4. The home was last sold in 2020. What might that indicate?
A relatively recent sale suggests the current owners may have undertaken some updates or maintenance, but it also means they likely purchased in a different market. It’s wise to inquire about their reasons for selling and any changes made during their ownership.

5. The lot is large, but are there any restrictions on its use?
For any mature property, especially with a lot this size, it's important to check the local zoning bylaws for rules on setbacks, maximum building coverage, and the potential for additions or secondary suites. The size offers flexibility, but within regulated limits.