Property Overview
This 1.5-storey home, built in 1921, sits on a notably spacious 5,353 sqft lot in Winnipeg's Chalmers neighbourhood. Its primary appeal lies in the combination of a large, above-average living area (1,212 sqft) paired with an even larger, valuable parcel of land, offering significant potential relative to nearby properties. The house presents as a classic "value-add" opportunity, featuring an unrenovated basement and no garage, with an assessed value well below the citywide average. It recently sold for $25,500.
Key Characteristics & Suitability
The standout feature is the land. The lot size ranks in the top 6% on its street and top 8% in Chalmers, offering rare space for expansion, gardening, or outdoor living in the area. The living space is also generous for the immediate locale, ranking in the top 10% on the street. This creates an interesting dynamic: you get more house and significantly more land than most neighbours, but the property itself is in need of updates.
This home would best suit a practical buyer looking for a footprint to build upon. It’s a strong candidate for an investor or homeowner willing to undertake renovations over time, as the core structure and space are substantial. The low assessed value and sale price point to a accessible entry point into the market, with the lot itself representing a long-term asset. It’s less suited for someone seeking a turn-key or modernized home without project work.
Frequently Asked Questions
Q: What does "unrenovated basement" typically imply?
A: It suggests the basement is in original or functional condition, likely lacking modern finishes. Buyers should budget for potential updates to insulation, moisture management, or foundational repairs to fully utilize the space.
Q: The assessed value is very low compared to the city average. Why?
A: Municipal assessments often reflect the property's current state and recent sale prices in the immediate area, not the potential after renovation. The low assessment here aligns with the home's unrenovated condition and the below-average sale prices common for similar project homes in this specific neighbourhood.
Q: With no garage, is there potential to add one?
A: The large lot size is a major advantage here, making the addition of a garage or workshop a more feasible project from a space perspective than on a standard city lot. Any plans would, of course, be subject to local zoning bylaws.
Q: How does the age of the home (1921) affect things?
A: It brings both character and responsibility. While the structure has proven durable, systems like wiring, plumbing, and the roof may be at or beyond their typical lifespan, so a thorough inspection is essential. The construction materials and room proportions, however, are often valued for their solidity.
Q: The sale price was close to the assessed value. What does that indicate?
A: It generally indicates the market agreed with the municipality's valuation at the time of sale. For a property in this condition, it often reflects a transaction based on the land value and the building's "as-is" state, rather than speculative future value.