522 Prosper Street

Property Overview & Key Characteristics

This 1934 one-and-a-half storey home in Archwood presents a classic Winnipeg character property on a good-sized lot. Its key appeal lies in its balance of original charm and practical updates, notably a renovated basement. With 725 sq ft of living space, it is a compact and efficient layout, well-suited for a first-time buyer, downsizer, or an investor seeking a manageable property. The detached garage and a land area that ranks in the top 35% on its street add tangible utility and potential.

The home’s value is underscored by steady historical appreciation, with its last sale in 2023 above both its current assessed value and its 2019 sale price. Its rankings against local comparables are consistently above average, particularly within Winnipeg overall, suggesting it holds its value well in the broader market. This property would suit a pragmatic buyer who appreciates a established neighbourhood, prefers a lower-maintenance footprint without sacrificing outdoor space, and views a solid, updated basement as a key asset for extra living space or storage.

Frequently Asked Questions

1. How does the living area size impact livability?
At 725 sq ft, the home is compact. This typically means efficient, easy-to-maintain spaces but requires thoughtful furniture placement and storage solutions. The renovated basement effectively expands the usable space.

2. What does the "above-average" ranking for lot size mean practically?
With a lot size ranking in the top 35% on its street, you have more outdoor space than many immediate neighbours. This allows for greater privacy, gardening potential, or room for additions like a shed or deck, which is a premium in older neighbourhoods.

3. The home is 92 years old. What should I consider?
While the basement has been renovated, a home of this age will have character details but may also have older components like original windows, plumbing, or electrical systems. A thorough inspection is essential to understand the blend of updates and original features.

4. The assessed value is lower than the 2023 sale price. Why?
Municipal assessed value is for tax purposes and often lags behind the current market. The sale price from 2023 is likely a more accurate reflection of its recent market value, indicating buyer demand has been strong for this property.

5. Who is the ideal buyer for this property?
It's an excellent fit for a first-time homebuyer ready for a character home, someone downsizing from a larger property, or an investor looking for a stable rental in a desirable neighbourhood. Its manageable size and updated basement reduce immediate project needs.