Property Overview
This one-storey home at 388 Harbison Avenue W in Winnipeg's Chalmers neighbourhood is a compact, no-frills property centered on its land value and location. Built in 1913, it features 712 sqft of living space, an unrenovated basement, and no garage. The lot, at 2,264 sqft, is modest for the area but typical for the street. It recently sold for $120k, a price point significantly below the Winnipeg average. The appeal here is straightforward: it represents one of the most accessible entry points into homeownership in the city. It’s a property where the land holds more inherent value than the existing structure, making it a clear candidate for a future rebuild or a substantial renovation project. It would suit a pragmatic first-time buyer comfortable with a "fixer-upper," an investor looking for a hold property with redevelopment potential, or someone seeking the absolute minimum footprint and carrying costs.
Key Details & FAQs
What are the key characteristics?
It’s a 113-year-old, 712 sqft one-storey house on a 2,264 sqft lot. It has an unrenovated basement and no garage. The assessed value is very low at $17,800, but it sold recently for $120,000, indicating the market price is primarily for the land and location.
Who is this property best suited for?
It’s best for a hands-on buyer looking for a project, whether as a live-in renovation or a long-term land investment. It could also work for an investor seeking a low-cost rental property, with the understanding that the older systems and unrenovated state will require management.
Is the lot size a disadvantage?
While smaller than the area average, the lot is typical for Harbison Avenue W. It’s not suited for a large addition or a sprawling new build, but it is a standard footprint for the block, which can simplify future planning compared to an irregular or oversized lot.
Why is the sale price so much higher than the assessed value?
The assessed value is for taxation purposes and often lags behind market trends, especially in older neighbourhoods. The sale price reflects what buyers are currently willing to pay for the opportunity to own a property in this location, even if the existing house has limited value.
What should a buyer consider that isn't obvious?
Look beyond the house itself. The value is in the land and the location within Chalmers. Research the neighbourhood's development trends and city plans. Also, consider the cost of essential updates (roof, wiring, plumbing) versus the potential of a full rebuild, as the existing structure may not justify high-end renovations.