Property Overview & Key Characteristics
1015 Magnus Avenue is a compact, one-storey home built in 1906, situated on a modest lot in Winnipeg's Burrows Central neighbourhood. Its primary appeal lies in its affordability and renovated basement, presenting a low-barrier entry point into the market. The home is notably smaller than most, with a living area of 709 sqft, and its assessed value is significantly below the city-wide average.
This property would suit a specific type of buyer: first-time purchasers or investors seeking a straightforward, low-cost holding. Its price point is its defining feature, making it a practical option for those prioritizing financial accessibility over space or modern amenities. A thoughtful perspective is that a home of this age and size offers a manageable footprint for someone looking to minimize upkeep and utility costs, while the renovated basement adds flexible liveable or storage space not reflected in the main square footage.
Frequently Asked Questions
1. What does "below average" in the rankings actually mean for a buyer?
It means this property scores lower than most comparable homes in its category (e.g., size, age, value). For example, its living area is smaller than 85% of homes on its own street. This directly correlates to its lower price, highlighting it as a budget-conscious choice.
2. The home was built in 1906. What should I be most concerned about?
While the basement is noted as renovated, the core structure is over 110 years old. Prospective buyers should prioritize inspections for foundational integrity, outdated wiring or plumbing, and overall energy efficiency, as these are common considerations for homes of this era.
3. How can the assessed value be so much lower than the city average?
The assessed value ($14.20k) is for municipal tax purposes and is based on mass appraisal formulas. It reflects the home's small size, age, and the neighbourhood's market conditions. It is not a market valuation, but its stark difference from the city average underscores the property's position in the affordable segment of the market.
4. Is the land size a potential advantage?
At 2,688 sqft, the lot is smaller than average for the area. This isn't a property for someone seeking extensive outdoor space. However, the smaller lot translates to less maintenance, which could be viewed as a practical benefit for the right owner.
5. What can recent sale prices on the street tell me?
The home sold twice in 2017 for prices very close to its current assessed value, and nearby comparable homes also have low assessed values. This consistency suggests the pricing is stable for this specific type of small, older home in the area, indicating a market niche with less volatility.