Property Overview: 261 Union Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, situated on a modest lot in the Chalmers neighbourhood. Its key characteristics are its simplicity and affordability. The home has 700 sqft of living space, a basement that is present but unrenovated, and no garage. The lot size is smaller than most in the area, and the home's assessed value is notably below city averages.
The primary appeal lies in its position as a true entry-point into homeownership or a potential hold for land value. It suits a very specific buyer: someone seeking the lowest possible price point for a standalone house, perhaps a first-time buyer comfortable with a project, an investor looking for a rental property with minimal upfront investment, or someone interested in the long-term land value in a mature neighbourhood. It’s not a move-in-ready home but a foundational asset. A less obvious perspective is that a home of this age and condition offers a clear, unvarnished starting point—there are no costly recent renovations to factor into the price, allowing a new owner to tailor any updates to their own budget and taste over time.
Section 2: Frequently Asked Questions
1. What is the actual condition of the property?
The listing notes the basement is "not renovated," which typically means it is in original, utilitarian condition. Given the home's age (114 years), buyers should budget for essential systems updates and plan for a thorough inspection to understand the full scope of needed maintenance.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's smaller size, older age, and likely its condition relative to the broader market. It is consistent with other homes of similar scale and vintage in the immediate area, as shown in the comparable listings.
3. Is there potential for expansion or adding a garage?
The lot is smaller than average for the street and neighbourhood, which may limit options for significant expansions or additions. Any plans for additions or outbuildings would require careful review of local zoning bylaws and lot coverage rules.
4. What is the neighbourhood like?
The home is in Chalmers, a mature neighbourhood with a mix of housing styles and ages. The proximity to nearby, similarly valued properties suggests a consistent, established streetscape. Prospective buyers should visit at different times to gauge the area's character.
5. How does the recent sale price compare to the assessment?
The home sold for $16,300 in August 2022, which was very close to its assessed value at the time. This indicates the assessment is a realistic reflection of its market value for tax purposes, not a listing price.