Property Overview
This one-storey home at 319 Winterton Avenue in Winnipeg's Chalmers neighbourhood presents a specific and practical opportunity. Built in 1946, its key appeal lies in its proportion: a modest 706 sqft living area situated on a notably generous 3,998 sqft lot. The home features a renovated basement and a detached garage. Recent sales data shows it sold for $24,500 in April 2023, which is above its assessed value and positions it as an entry-point property in the city.
Key Characteristics & Ideal Buyer
The primary draw here is the land-to-building ratio. The lot size is well above average for both the immediate street and the Chalmers neighbourhood, offering valuable outdoor space and potential in a city where lot size often dictates long-term value. The renovated basement adds functional living space, a significant plus for a home of this size. However, the living area is compact, even compared to nearby homes, indicating a no-frills interior layout.
This property would suit a pragmatic, hands-on buyer. It’s ideal for a first-time investor looking for a manageable rental property, someone seeking a low-cost entry into homeownership with plans to renovate or expand over time, or an owner who values a large yard for gardening or pets more than interior square footage. Its appeal is utilitarian, centered on land value and basement potential rather than move-in-ready finishes or space.
Frequently Asked Questions
1. Why is the sale price so much lower than the city-wide average?
The price reflects the home's very modest living area and its location in a neighbourhood with generally more affordable property values. It represents a specific market segment focused on land value and basic shelter rather than size or luxury.
2. What does "renovated basement" likely mean for a home of this age and price point?
Given the context, it most likely indicates functional improvements for livability, such as updated moisture management, flooring, and basic finishes to create a usable rec room or apartment suite, rather than a high-end renovation.
3. Is the large lot a good opportunity for future expansion?
Potentially, yes. The lot size is a standout feature. A buyer should consult with the city on zoning bylaws and setback requirements to understand the feasibility of an addition, garage expansion, or building a secondary suite.
4. How does the assessed value compare to the sale price?
The home sold for approximately $3,100 above its $21,400 assessed value. This suggests the market recognized value beyond the basic assessment, possibly due to the renovated basement, the desirable lot size, or market conditions at the time.
5. What are the immediate considerations for maintenance or updates?
Built in 1946, a priority should be a thorough inspection of major aging systems. Key focuses would be the roof, foundation, plumbing, and electrical wiring to ensure they are updated and to budget for any necessary upgrades not covered by the basement renovation.