1031 Selkirk Avenue

Property Overview

This is a compact, one-storey home on a standard city lot in Winnipeg's Burrows Central neighbourhood. Built in 1911, its key characteristic is its land value, featuring a 3,012 sqft lot that is larger than many on its street. The 680 sqft living area is modest, and the home presents as a fixer-upper, with an unrenovated basement and a detached garage. Its most recent sale price was notably low, reflecting its condition and size.

The appeal lies primarily in its potential. The lot size offers room for expansion, gardening, or outdoor space uncommon for the price point. It suits a specific buyer: an investor looking for a land-value play, a hands-on renovator seeking a blank canvas, or someone wanting minimal mortgage debt with plans to build equity through sweat equity. It’s less suited for those seeking a move-in-ready home or ample interior space without significant investment.

Frequently Asked Questions

1. Why is the recent sale price so much lower than the sale just two years prior?
The drastic price difference likely indicates a change in circumstance or condition, such as a sale for land value only, or a transaction between parties with an existing relationship. It strongly suggests the property is being valued for its lot, not its current structure.

2. What does "below average" for assessed value really mean for taxes?
While the assessed value is in the bottom tier city-wide, resulting in a relatively lower property tax bill, it's important to note this assessment reflects its current state. Significant renovations or a rebuild would trigger a reassessment and a corresponding increase in taxes.

3. Is the unrenovated basement functional, and can it be finished?
The basement exists but is in original condition. Any finishing would be a full renovation project. A prospective buyer should budget for foundational and moisture checks common for century-old homes before planning any development of this space.

4. Given the small living area, what are the possibilities for expanding the home?
The lot size is the key asset here. There is physical space to add an addition or, subject to zoning and permits, potentially rebuild. The existing small footprint makes a thoughtful expansion a viable project to create a customized, modern home.

5. What is the neighbourhood like for investment or renovation?
Burrows Central is an established, no-frills residential area. The below-average prices for the neighbourhood indicate it may be slower to appreciate than hot markets, but this can represent an affordable entry point. Success would depend on managing renovation costs wisely to not over-improve relative to the area.