Property Overview: 262 Hamel Avenue, Winnipeg
Key Characteristics & Appeal
This 1986 bi-level home at 262 Hamel Avenue in Central St. Boniface presents a specific and compelling value proposition. Its key characteristic is its modest scale, featuring a 703 sqft living area and a 2,782 sqft lot, both of which are notably smaller than area averages. This is balanced by a renovated basement and a detached garage. The home’s primary appeal lies in its efficiency and relative modernity within a historic neighbourhood—it is a much newer construction than most homes on its street and in St. Boniface overall. The below-average assessed and recent sale prices point directly to its accessibility.
This property would suit a pragmatic first-time buyer or an investor seeking an entry point into a desirable central neighbourhood without a premium price tag. It’s also a potential fit for those seeking a low-maintenance footprint or a strategic land holding, given the lot, while smaller than others, offers development potential subject to zoning. The renovated basement adds functional living space, making the compact main floor more manageable.
Frequently Asked Questions
1. Is the home unusually small for the area?
Yes. The living area is 703 sqft, ranking it in the bottom 5-6% for size compared to nearby homes. This is the defining feature of the property and is reflected in its pricing.
2. What does "above average for year built" mean here?
Most homes in Central St. Boniface are much older, averaging from the late 1930s. Built in 1986, this bi-level is a relatively modern structure in the context of the neighbourhood, which may mean fewer concerns associated with very aged plumbing, wiring, or foundations.
3. How should I interpret the assessed value versus the sale price?
The property last sold in September 2020 for $22,500, which was below its then-assessed value of $25,500. This discrepancy can be common for unique, smaller properties and underscores the importance of a current market evaluation rather than relying on older administrative assessments.
4. Who might this property not suit?
It is likely not a fit for buyers needing multiple bedrooms, ample storage, or large indoor and outdoor family spaces. The compact size is a trade-off for the location and price.
5. What is the potential here beyond just a home?
The combination of a newer structure on a serviced lot in a central location could be of interest for future redevelopment (e.g., building a new, larger home), making it a potential long-term hold. The current dwelling offers an affordable way to secure the location while planning for the future.