1462 Pritchard Avenue

Property Overview

This one-and-a-half storey home, built in 1912, presents a straightforward opportunity centered on its land. Situated on a 4,999 sqft lot on Pritchard Avenue, the property’s key appeal lies in its above-average lot size for both the immediate street and the Burrows-Keewatin neighbourhood. The living space is a modest 965 sqft, and the home features a detached garage and an unrenovated basement. Recent sales data indicates it transacted at a value significantly below the Winnipeg city-wide average for homes, highlighting its position as an entry-point property or land play.

Key Characteristics & Ideal Buyer

The primary characteristic here is the generous lot for the area, ranking in the top 10% on its street. The home itself is historic and compact, with systems and finishes likely reflecting its age. Its appeal lies in its affordability and the potential held in the parcel of land itself—whether for future expansion, gradual renovation, or long-term holding. The very low sale price relative to city assessments suggests a purchase based on current utility value rather than improved condition.

This property would best suit a pragmatic, value-focused buyer. This could include a first-time buyer comfortable with a project, an investor looking for a land-holding strategy in a neighbourhood where lot size is an asset, or someone seeking minimal debt exposure. It is less suited for those seeking move-in readiness or modern amenities without significant investment.

Frequently Asked Questions

1. Why is the sale price so much lower than the assessed value?
Assessed value is for taxation purposes and often reflects a theoretical market value. The sale price is determined by the actual market, which for this property strongly reflects the condition and renovation needs of an older home, making it an affordable entry point.

2. What does "unrenovated basement" typically imply?
It suggests the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates to flooring, lighting, and possibly moisture management, and anticipate older mechanical systems like the furnace or water heater.

3. Is the large lot a benefit for future expansion or redevelopment?
Potentially, yes. The lot size is a standout feature. However, any significant expansion or new construction would require checking current zoning bylaws, setback requirements, and obtaining the necessary permits from the city.

4. How does the age of the home (1912) affect insurance and maintenance?
Insurance premiums can be higher for older homes, and some insurers may require specific electrical or plumbing inspections. Maintenance will likely be more frequent and should be budgeted for, focusing on roofing, windows, and foundational integrity common to houses of this era.

5. The home ranks very old for the neighbourhood. What does that mean?
It indicates that most homes in Burrows-Keewatin were built later, with this being one of the older properties. This can mean a more established streetscape, but also that comparable sales for fully renovated homes might be from newer structures, making direct comparisons less straightforward.