Property Overview: 1873 Alexander Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in Brooklands is defined by its generous, above-average lot size of 4,598 sq ft, which stands out as a key asset in the neighbourhood. Built in 1920, the house itself offers a modest 1,009 sq ft of living space and includes a basement (not renovated) and a detached garage. The appeal here is fundamentally rooted in land value and potential. The lot offers significant outdoor space for gardening, expansion, or future development, a rarity in many city areas. Its assessed value is notably low, which can translate to lower property taxes, making it a cost-effective holding.
This property would suit a specific type of buyer: a hands-on renovator or investor looking for a land-play. It’s ideal for someone who sees value in the underlying property rather than a move-in-ready home, and who has the vision and budget to update the existing structure or explore future possibilities the lot affords. It’s a practical choice for buyers prioritizing low ongoing carrying costs and long-term potential over immediate comfort.
Section 2: Frequently Asked Questions
1. What does the "below average" assessed value mean for me as a buyer?
A lower assessed value typically results in lower municipal property taxes, which reduces your annual carrying costs. It’s important to understand that assessed value for taxes is not market value; the sale price will be determined by current market conditions.
2. The lot is large, but the house is older and not renovated. What are my options?
The combination presents both opportunity and cost. You could renovate the existing home, add an addition to capitalize on the lot size, or, subject to zoning and feasibility studies, consider future redevelopment. The basement, noted as "not renovated," would require inspection to understand its condition and potential.
3. How does this home rank compared to others?
The data shows its strength is the lot size, which is in the top 12% on its street and top 24% in Brooklands. The living space and year built are generally around average for the immediate area, while being more modest compared to the wider city.
4. The home last sold in 2019. Should I be concerned?
Not necessarily. A sale several years ago simply provides a historical price point. The current market value will be influenced by factors since then, including market trends, any changes to the property, and its current condition.
5. Who would this property not be suitable for?
It would likely not suit buyers seeking a turn-key, modern home without renovation projects. Given the older age and stated condition, it may also be challenging for those with strict or immediate financing conditions that require a fully updated property.