Property Overview & Appeal
This two-storey home on Elgin Avenue is a property of distinct contrasts. Its key characteristic is its generous 1,504 sqft living area, which is notably larger than many comparable homes on its street and in the wider Centennial neighbourhood. It sits on a standard city lot and features a detached garage. The home’s age, built in 1893, is a defining factor; it presents both historic charm and the expectation of maintenance or renovation needs, as the basement is noted as not being renovated.
The appeal lies in its value proposition: it offers significant interior space at a very accessible price point, as reflected in its below-average assessed and recent sale values. This makes it a practical canvas for buyers. It would best suit a hands-on buyer, such as a renovator looking for a character home with room to grow into, or an investor seeking a rental property with a lower initial entry cost in a central Winnipeg neighbourhood. A less obvious perspective is that its larger living area relative to peers could make renovation projects more efficient on a cost-per-square-foot basis, and its mature lot may offer established greenery not found in newer developments.
Frequently Asked Questions
1. What does the "below average" assessed value indicate?
It primarily reflects the home’s age, condition, and market valuation for tax purposes. It suggests the property is priced accessibly relative to the market, but buyers should budget for potential updates.
2. The home is noted as being 133 years old. What should I prioritize in an inspection?
Given the age, a thorough inspection is essential. Key focuses should be the foundation, roof, electrical wiring, plumbing, and the structural integrity of the basement, which is noted as unrenovated.
3. How significant is the living area being "above average"?
It’s a major advantage. With 1,504 sqft, the home offers roughly 35% more living space than the average comparable home on Elgin Avenue, providing more room for families or flexible use without the footprint of a larger lot.
4. What is the context of the sale price compared to the neighbourhood?
The recent sale price of $130k is around average for the Centennial neighbourhood but below average for Elgin Avenue specifically. This positions the property as a more affordable option on this particular street.
5. Are the low property taxes a permanent advantage?
While the current assessed value results in lower taxes, be aware that any significant renovation or improvement to the property will likely trigger a municipal reassessment, which could increase the tax burden in the future.