Property Overview: 395 Union Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home, built in 1907, presents a unique opportunity centered on space and potential. Its primary standout feature is its generous 1,550 sqft living area, which ranks in the top 5% for size compared to other homes on its street and in the Chalmers neighbourhood. This makes it a notably spacious option in the area. The property sits on a standard city lot of approximately 3,395 sqft and includes a detached garage.
The home’s appeal lies in its clear value as a canvas. It features an unrenovated basement, indicating significant potential for customization or addition of living space, subject to permits and investment. The recent sale price (July 2023, $24.5k) and assessed value are notably below the Winnipeg city-wide average, positioning it as an accessible entry point.
This property would best suit a value-driven buyer looking for a project. It’s ideal for an investor, a hands-on renovator, or someone seeking a large footprint in a mature neighbourhood at a very low acquisition cost, with the understanding that modernization and updates will be required. It is less suited for someone seeking a move-in-ready home without renovation plans.
Section 2: Frequently Asked Questions
1. What does "unrenovated basement" typically imply?
It generally means the basement space is in original or rough condition, likely lacking modern finishes and possibly proper moisture management or ceiling height. It should be inspected to understand the scope of work needed to make it a functional living or storage space.
2. How significant is the 1907 build date?
While it offers classic character, it necessitates a thorough inspection. Key focuses should be the foundation, plumbing, electrical systems (which may need updating to modern standards), and insulation. The age also means there could be historical materials like plaster or original woodwork.
3. The living area is large, but the sale price seems very low. Why?
The price reflects the condition and the significant work needed. It highlights a trade-off: you are acquiring above-average square footage for the area at a very low cost, with the understanding that investment in renovations will be required to realize the home's full value and comfort.
4. How does the detached garage affect the property's value?
It provides valuable off-street parking and storage, which is a practical asset in any neighbourhood. For a renovator or tradesperson, it could also serve as a useful workspace during the home's renovation.
5. Are the property taxes based on the sale price or the assessed value?
Property taxes are based on the municipally assessed value, which for this home is $19,900. This is a separate figure from the sale price and typically results in lower annual property taxes compared to newer or more extensively renovated homes in the city.