Property Overview
This one-storey home at 287 Union Avenue W in Winnipeg's Chalmers neighbourhood presents a unique value proposition. Its key appeal lies in the significant disparity between its modest sale price and its above-average lot size and assessed value. Sitting on a 4,526 sqft lot—which places it in the top 5% for size on its street—the property offers substantial land relative to its cost. The home itself, built in 1960, is newer than many in the immediate area and features a renovated basement and a detached garage.
This property would particularly suit pragmatic buyers looking for a solid foundation, whether as a long-term hold, a candidate for future expansion, or a strategic land investment. Its strong assessed value compared to local peers suggests underlying equity, making it attractive to value-oriented purchasers or those willing to invest in updates over time. It’s a practical choice for someone prioritizing lot potential and location fundamentals over a move-in-ready finish.
Frequently Asked Questions
1. Why is the sale price significantly lower than the city-wide average?
The price reflects the local market dynamics of the Chalmers area and the home’s specific condition. It indicates a value opportunity based on lot size and assessed value metrics when compared directly to its immediate neighbours and area peers.
2. What does the "Elite" ranking for Assessed Value mean?
It means the property’s official assessed value is in the top 4% compared to similar homes on its street and in the Chalmers neighbourhood. This suggests the municipal assessment sees strong underlying value here relative to the local market, often based on lot characteristics and building metrics.
3. Is the 1,289 sqft living area sufficient for a family?
While around average for Winnipeg, the living area is notably larger than typical homes on Union Avenue W and in Chalmers, ranking in the top 10-11%. Combined with a renovated basement, it offers functional space for a small family or couple, with the lot size providing room for potential addition.
4. How does the 1960 build year compare to nearby homes?
It is above average for both the street and the neighbourhood, where many comparable homes were built in the 1910s-1940s. This suggests potentially newer core systems (like plumbing and electrical) than many surrounding properties.
5. What is the practical benefit of such a large lot?
Beyond simple outdoor space, a lot in the top 5% for the street offers multiple options: room for additions, gardening, recreational use, or future development potential subject to zoning. It provides a scarcity value that smaller lots in the area do not have.