Property Overview
This one-storey home at 373 Martin Avenue W in Winnipeg's Chalmers neighbourhood presents a specific and compelling opportunity. Its key appeal lies in the combination of a generous, above-average lot size with a recently renovated basement, all at a very accessible price point. The 4,529 sqft lot is notably large, placing it in the top 5% for size on its street. The living space of 1,048 sqft is comfortable and above the local average for similar homes. While the house itself is historic (built in 1911), the renovated basement adds modern functionality. The very low assessed value reflects the home's age and market position rather than its potential.
This property would suit a pragmatic buyer looking for land value and a solid foundation to build upon. It's ideal for a first-time homeowner comfortable with ongoing updates, an investor seeking a property with a strong land-to-structure value ratio, or someone wanting to put their own stamp on a character home without starting from scratch. Its value is more in what it could be rather than in turn-key finishes.
Frequently Asked Questions
1. What does the "renovated basement" entail?
The listing confirms the basement has been renovated, but specifics on the scope, quality, and permits should be verified through a viewing and by requesting any available documentation from the seller.
2. Why is the assessed value so much lower than typical city homes?
The assessed value is based on the property's market characteristics within its specific area and peer group. It reflects the home's age, the neighbourhood's prevailing prices, and the fact that it is a more modest, historic structure. This can mean significantly lower property taxes compared to newer or more extensively updated homes.
3. Is the large lot a benefit for expansion or subdivision?
The lot size is a major asset, offering ample outdoor space and potential for future expansion like an addition, garage, or garden. However, any plans for subdivision or significant structural changes would require thorough investigation of local zoning bylaws and feasibility.
4. What should I consider with a home from 1911?
While charming, a home of this age requires attention to its fundamental systems. A thorough inspection is essential to evaluate the condition of the roof, foundation, plumbing, electrical wiring, and insulation. The renovated basement is a plus, but the main floor may retain its original character and need updates.
5. How does the last sale price in 2016 relate to the current asking price?
The 2016 sale price of $17,300 is a historical data point and reflects the market conditions and property state at that time. The current asking price will be based on today's market, the renovated basement, and the inherent value of the large lot. It's a useful reference for price trajectory but not a direct indicator of current value.