Property Overview
1526 Magnus Avenue is a one-storey home in Winnipeg's Burrows-Keewatin neighbourhood, built in 1947. Its primary appeal lies in the value of its land. The property sits on a 6,500 sqft lot, which is exceptionally large for the street (top 2%) and the neighbourhood (top 3%). This is contrasted by a modest 700 sqft living area, which is below average in size. The home features a renovated basement and a detached garage. It last sold in September 2021 for $23,400 and has a current assessed value of $23,600.
This property would suit a specific type of buyer. It's ideal for someone with a vision for expansion or redevelopment, where the land is the true asset. It could also appeal to a value-conscious buyer seeking a smaller, manageable footprint with significant outdoor space, or an investor looking for a property where the land value drives the long-term potential. The renovated basement adds functional living space, making it more livable as-is than the main floor square footage alone might suggest.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's current state and market factors in its area. While the land is large and valuable for the locale, the home's modest size and age result in an assessment that is above average for the street but below the Winnipeg average.
2. Is the small living area a major drawback?
It depends on your needs. The 700 sqft main floor is compact, but the presence of a renovated basement effectively doubles the usable living space. For a single person, couple, or small family, the total footprint can be quite functional.
3. What does the "top 2% for land area on this street" ranking mean practically?
It means this lot is among the largest on Magnus Avenue. This provides rare potential for gardening, outdoor recreation, adding an addition, or even future subdivision, subject to zoning approvals—options that simply aren't available on standard-sized lots.
4. How does the 2021 sale price relate to today's value?
The 2021 sale price ($23,400) is very close to the current assessed value ($23,600), suggesting a stable valuation in recent years. However, market conditions and any updates made to the property since then would influence its current market price.
5. What are the main considerations regarding the home's age?
Built in 1947, the home is older than most in Burrows-Keewatin. A prospective buyer should prioritize a thorough inspection to understand the condition of major aging components like the roof, foundation, and plumbing, even with a renovated basement. This age can also mean charming character, but potentially less modern open-concept layouts.