Property Overview
This 1907 two-storey home at 314 Riverton Avenue in Winnipeg's Chalmers neighbourhood presents a distinct opportunity. Its primary appeal lies in the significant scale of both its living space and land. With 1,840 sqft of living area, the home is notably larger than most in its immediate area and across the city. This is complemented by an 8,060 sqft lot, which places it in the top tier locally for land size. The property features a detached garage and a basement that is present but not renovated.
The home suits a specific buyer: someone with a vision for renovation or customization who values generous interior space and substantial outdoor potential above immediate modern finishes. Its assessed value is well below area averages, which may indicate an opportunity but also suggests the need for investment. It’s ideal for a hands-on buyer looking to shape a character home to their tastes, or an investor who sees value in the sizable lot. The historical charm of a 1907 build is a trade-off, offering character but also implying a higher likelihood of maintenance and update requirements compared to newer builds.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby properties?
Assessed value is for municipal tax purposes and is influenced by many factors, including the property's condition and recent sales. This lower assessment likely reflects the home's age and the stated unrenovated state of the basement, not necessarily its market potential.
2. What does "basement, not renovated" typically mean?
This usually indicates the basement is functional but retains its original or older finishes, systems, and layout. Buyers should budget for potential updates to plumbing, electrical, or insulation, and anticipate a pre-inspection to understand its exact condition.
3. Who would be the ideal buyer for this property?
This home is best suited for a buyer with renovation plans or a longer-term vision. The large lot and living space offer great potential for customization, making it appealing for a growing family, a multi-generational setup, or a buyer who values outdoor space for gardens or expansion.
4. How significant is the large lot size?
An 8,060 sqft lot in this area is a major asset. It provides ample private outdoor space, potential for additions like a garage or workshop, and simply more distance from neighbours than is typical. This is a key feature that cannot be easily replicated.
5. Are there any concerns with a home built in 1907?
While full of character, a home of this age requires careful attention. Prospective buyers should prioritize inspections for the foundation, roof, wiring, and plumbing to understand the scope of any needed updates or repairs to meet modern standards.