Property Overview: 567 Alexander Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home in Winnipeg's Centennial neighbourhood, built in 1903. Its key characteristic is its modest scale, with a 640 sqft living area and a 2,183 sqft lot, both significantly smaller than area averages. The home has an unrenovated basement and no garage. Its appeal lies primarily in its land value and potential, rather than the current structure. The very low assessed value and recent sale price point to a property that is a candidate for complete redevelopment or a substantial, ground-up renovation.
This property would suit a specific type of buyer: investors, builders, or hands-on individuals looking for an affordable entry point into the market where the value is in the lot and location. It is not a move-in-ready home. A thoughtful perspective is that this listing represents a "blank canvas" opportunity in an established area, offering the chance to build new or renovate to modern standards without the premium price of a larger lot or newer home. It may also appeal to those seeking to minimize property tax burdens relative to neighbouring homes.
Section 2: Frequently Asked Questions
1. Is this a move-in-ready home?
No. The listing notes an unrenovated basement, and the living area is quite small by modern standards. Buyers should budget for significant updates or consider the property as a redevelopment project.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the current state and size of the home. With a living area and land size well below city averages, and the age of the structure, the assessment is correspondingly lower.
3. What can I build on this lot?
Given the lot size (2,183 sqft), which is below average for the street and area, any new construction or major addition would need to comply with Winnipeg's zoning bylaws, which dictate parameters like building coverage and setbacks. It's crucial to consult the City's zoning plans early in your planning process.
4. How does the age of the home affect insurance and renovations?
A home built in 1903 may have outdated electrical, plumbing, and structural elements. This can lead to higher insurance premiums and will significantly influence renovation costs and complexity, as work will likely need to bring systems up to current code.
5. The sale history shows it sold for $7,600 in 2020. What does that indicate?
Such a low recent sale price typically indicates a transaction that was not an arms-length sale on the open market (e.g., between family members) or that the property was in a state that severely limited its market value at that time. It should not be used as a direct benchmark for its current market value.