Property Overview & Key Characteristics
This one-storey home at 1001 Magnus Avenue presents a practical opportunity in Winnipeg's Burrows Central neighbourhood. Its primary appeal lies in a combination of a renovated basement, a very generous lot size, and a living area that ranks well above average for the city. The lot of over 2,100 sq ft is a standout feature, placing it in the top tier locally and offering valuable outdoor space or future potential. While the house itself is compact at 760 sq ft, its living area is notably larger than most Winnipeg homes. The 1927 build date means it carries character but also requires a buyer comfortable with the maintenance considerations of an older home. Recent updates to the basement add functional living space.
This property would suit a first-time buyer, an investor, or someone looking for a downsizing option who prioritizes land size over a large interior footprint. Its strong rankings for lot and living area size, paired with a recently refreshed basement, offer a solid foundation. Buyers should note the absence of a garage and be prepared for the typical upkeep of a near-century-old structure.
Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The home was last sold in February 2023 for $18,700. The current assessed value is $19,500, indicating stable municipal valuation in line with the recent market transaction.
2. What does the "ranking" data actually mean for a buyer?
These percentile rankings (e.g., "Top 1% in Winnipeg" for lot size) are comparative tools. They show that this property's land area is larger than 99% of lots in Winnipeg, which is a significant advantage. Conversely, its year-built rank is more average, meaning many nearby homes are of a similar vintage.
3. Is the renovated basement a full suite?
The listing notes a "renovated basement" but does not specify it as a legal suite. Buyers should verify the work done, whether it includes a separate entrance or kitchen facilities, and ensure all renovations were permitted.
4. The nearby comparable listings show a wide range of assessed values. Why?
The provided comparisons include everything from small homes to a $270k property, highlighting the diversity of housing in Burrows Central. This variance suggests lot size, condition, and specific upgrades heavily influence value here. This home's value aligns with the more modestly assessed comparables.
5. What are the less obvious considerations with a large lot on an older home?
A large lot is an asset, but it also means more yard maintenance. For an older home, it's wise to budget for potential updates to older mechanical systems (like plumbing or wiring) that come with the territory, and to consider how the lot's size might affect winter snow clearing or summer landscaping costs.