Property Overview
This 1955-built, one-storey home on a 4,993 sqft lot at 1642 Pritchard Avenue presents a specific and compelling opportunity. Its primary appeal lies in the value of the land itself within its immediate context. The lot size is notably above average for both the street and the Burrows-Keewatin neighbourhood, ranking in the top 12% and 27% respectively. This is contrasted by a modest 912 sqft living area, which is functionally sized but below the citywide average. The home recently sold for $260,000, a price that significantly outperforms most of Winnipeg but is competitive for its specific area.
The property would suit a practical buyer who sees potential in the land or a straightforward home. It's ideal for a first-time homeowner comfortable with a smaller footprint, an investor looking for a lot with future redevelopment potential, or someone seeking an affordable entry into the market with the security of an above-average lot size. Its value is more grounded in its parcel of land and location than in the size or modernity of the dwelling.
Frequently Asked Questions
Q: The assessed value is listed at $21,900, but it just sold for $260,000. Why is there such a huge difference?
A: Municipal assessed value for tax purposes is not intended to reflect current market value. It's an administrative figure based on mass appraisal techniques and is often significantly lower than what a property sells for in an open market, especially following a recent sale that sets a new price benchmark.
Q: How does the lot size compare to others?
A: The lot is a key feature. At nearly 5,000 sqft, it is larger than most on Pritchard Avenue and in the broader Burrows-Keewatin neighbourhood, offering more outdoor space than many comparable properties.
Q: Is the house in need of major updates?
A: Given its age (71 years), buyers should budget for updates. The specific condition isn't detailed here, but a home from 1955 will likely require modernizations to mechanical systems, windows, and insulation, unless these have been addressed by previous owners.
Q: The sale price seems high for the neighbourhood. What does the data say?
A: The data shows the $260,000 sale price ranked in the top 9% for the street and top 18% for the neighbourhood, confirming it was a premium price for that immediate area. This could indicate a renovated condition, strong buyer demand for the lot, or a unique feature not captured in the basic metrics.
Q: What type of buyer would this property not suit?
A: It may not suit buyers looking for a move-in-ready modern home with ample interior space or those whose priority is immediate proximity to top-tier citywide amenities. The value here is more foundational (land, location) rather than in high-end finishes or square footage.