Property Overview
This one-storey home at 255 Laura Street in Winnipeg's Centennial neighbourhood is defined by its historic character and its potential as a land-value proposition. Built in 1889, it is one of the older homes on its street and in the wider area. The key appeal lies in its above-average land size for the immediate locale—the 3,414 sqft lot is in the top 21% on Laura Street—paired with a very modest assessed value. The living space (956 sqft) is compact and the basement is unrenovated, indicating this is not a move-in-ready property. Its most recent sale in 2022 was for $9,900.
This property would primarily suit a specific type of buyer: those looking for a foundational investment in a central neighbourhood, willing to undertake a significant renovation or rebuild. It could also appeal to an investor seeking a low-entry-cost property with future redevelopment potential, given the lot size. It is not suited for buyers seeking a modern, turn-key home.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state, age, and modest living area. It is primarily driven by the value of the land rather than the existing structure, which is common for older homes that may require substantial updating.
2. What does the land size ranking mean for potential?
While the lot is below the Winnipeg city average, it is notably larger than many lots directly on Laura Street and in the Centennial area. This suggests potential for expansion, addition, or landscaping that might not be possible on smaller, standard lots in the same immediate vicinity.
3. Is this a heritage property?
The home was built in 1889. While this doesn't automatically confer heritage status, buyers should investigate with the City of Winnipeg to determine if there are any heritage designations or restrictions that could affect renovation or redevelopment plans.
4. The sale price in 2022 was $9,900. What does that indicate?
Such a sale price typically indicates a transaction between related parties (e.g., family transfer) or a sale "as-is, where-is" with the understanding of significant required investment. It is not representative of an arms-length market sale and should not be used as a standalone market comparison.
5. What are the immediate priorities for a new owner?
A thorough professional inspection is essential to understand the full scope of work needed, from the foundation and structure of a 135-year-old home to mechanical systems. The unrenovated basement and overall condition suggest that making the home habitable and bringing it to modern standards would be the first major project.