Property Overview & Key Characteristics
This one-storey home on College Avenue is a classic, no-frills property built in 1912. Its primary appeal lies in its value and potential, rather than in its current condition or size. The house sits on a modest 2,277 sqft lot and features 748 sqft of living space, a detached garage, and an unrenovated basement. The most recent sale was in 2017 for $150,000, and its current assessed value is notably below the citywide average.
This property would suit a specific type of buyer: a first-time purchaser or an investor comfortable with a project. It’s a practical entry point into homeownership for someone prioritizing land and location over a move-in-ready space, or for an investor looking for a rental property with a manageable footprint. The home’s age and unrenovated state mean its true value is unlocked by the vision and effort of its next owner. A less obvious perspective is that its smaller scale and lower assessed value could translate to relatively lower property taxes, which is a significant long-term consideration.
Frequently Asked Questions
1. What does "below average" for land area and living space actually mean?
While the lot and home are smaller than most in Winnipeg, they are closer to the typical size for the immediate Burrows Central neighbourhood. This suggests the property is a standard offering for the area, not an outlier.
2. Is the low assessed value a concern?
Not necessarily. It primarily reflects the home’s age, condition, and modest size compared to the broader city market. It can be an advantage, potentially indicating a lower property tax burden. The value is actually around average for nearby homes on College Avenue.
3. Who would this property not be suitable for?
It would not suit buyers seeking a modern, turn-key home, those who need significant space, or anyone unable to budget for eventual updates to a 114-year-old structure. The unrenovated basement also limits immediate livable space.
4. What can the 2017 sale price tell me?
The $150,000 sale price seven years ago provides a historical benchmark. It indicates the home has been an affordable option for some time. Current market value will depend on present conditions, but this history underscores its role as a value-oriented property.
5. Are the nearby comparison properties similar?
The listed nearby properties, like 861 Redwood Avenue, are useful for gauging the neighbourhood. They show similarly aged homes with comparable assessed values, confirming this home is typical for the area in terms of vintage and official valuation.