Property Overview: 1019 Magnus Avenue
This one-and-a-half storey home in Winnipeg's Burrows Central neighbourhood presents a straightforward opportunity centered on its land and location. Built in 1905, it is a historic property with an unrenovated basement and no garage. The primary asset is its 3,686 sqft lot, which is larger than average for both the immediate street and the broader neighbourhood. With a modest 1,040 sqft of living space and a very low municipal assessed value, this property appeals to buyers with specific goals. Its recent sale price of $18,500 in June 2023 is a key data point for understanding its current market position.
Section 1: Key Characteristics & Appeal
- The Appeal: The core appeal lies in its land size and price point. The lot is substantial for the area, offering potential for expansion, gardening, or outdoor space in a central urban location. The extremely low purchase price and property taxes (reflected in the assessed value) make it one of the most accessible entry points into the Winnipeg market. This is not a move-in-ready home, but a base for investment or customization.
- Key Characteristics: The home itself is historic, with living space that is average for its local context but below the citywide average. It requires work, as noted by the unrenovated basement. The data shows a significant price correction from its 2016 sale of $160,000, indicating a major shift in its perceived market value.
- Ideal Buyer: This property suits a specific buyer: an investor looking for a hold property, a contractor or handyperson seeking a project, or a buyer with a very tight budget who prioritizes land and location over immediate living conditions. It is less suited for someone seeking a finished, low-maintenance home.
Section 2: Frequently Asked Questions
1. Why is the current assessed value and recent sale price so much lower than the 2016 sale price?
This large discrepancy often reflects a change in the property's condition or market perception. It strongly suggests the property is being valued primarily as land or a teardown, rather than as a habitable structure, since the 2023 sale price is close to its land value assessment.
2. What does "unrenovated basement" imply?
Typically, this means the basement is in its original or rough state. Buyers should anticipate potential issues with moisture, foundation, wiring, or plumbing that are common in century-old homes, and budget for significant upgrades to make it a functional living or storage space.
3. Is the large lot a good investment?
Potentially. In established neighbourhoods, land is the appreciating asset. A lot of this size offers flexibility—whether for future addition, creating rental parking, or simply having more space than nearby properties. However, value is realized through the cost and effort of development.
4. What are the less obvious considerations with a home from 1905?
While charm is a factor, practical considerations include the efficiency of original windows, the state of knob-and-tube wiring or old plumbing, and the need for insulation upgrades. The architectural style (one-and-a-half storey) often means smaller, steeper second-floor spaces.
5. How does this property compare to others on the street?
The data shows it has more land than average for Magnus Avenue. Nearby comparable properties vary widely in size and value, indicating a mixed streetscape. This suggests the area may be in transition, where the value of an individual property is highly dependent on its specific condition and lot.