Property Overview: 403 Harbison Avenue W
This one-and-three-quarter storey home in Winnipeg's Chalmers neighbourhood presents a distinct opportunity. Built in 1910, it sits on a 2,316 sqft lot and offers 1,172 sqft of living space. It recently sold for $200,000 in May 2024. The home features a basement but has not been renovated, and it does not include a garage or pool.
Section 1: Key Characteristics & Appeal
The primary appeal of this property lies in its value proposition and space. The living area is notably larger than many comparable homes on its street and in Chalmers, offering more interior room than typical for the area. Combined with a lot size that is around the local average, it provides a solid footprint. The recent sale price is significantly below the Winnipeg city-wide average, positioning it as an accessible entry point into the market.
This home would suit a practical buyer ready to take on a property with original character. It’s ideal for a first-time homeowner comfortable with gradual updates, or an investor looking for a straightforward rental property in a neighbourhood with historically lower entry costs. Its age and unrenovated state mean its appeal is rooted in potential and fundamentals rather than immediate move-in finish.
A less obvious perspective is the lot's potential. While the land size is average for the street, it is below average for the wider city. This suggests the value here is more about the existing structure and location than future redevelopment possibilities. The home’s assessed value is consistently "around average" for its immediate vicinity, indicating it is priced in line with its peer group, not as an outlier.
Section 2: Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common architectural style for older Winnipeg homes. It typically means the second floor has slightly less than full ceiling height under the sloped roof, often featuring cozy bedrooms or converted attic space.
2. How significant is the fact that the basement is "not renovated"?
It confirms the home retains much of its original condition. Buyers should budget for potential updates to insulation, flooring, or foundational repairs, and anticipate mechanical systems (like heating or wiring) that may be older.
3. The sale price is $200k, but the assessed value is much lower. Why?
Municipal assessed value is for tax purposes and is often not aligned with current market value, especially after a recent sale. The sale price is the true indicator of its market worth.
4. How does this home compare to others on the street?
The data shows it has more living space than most neighbours (ranking in the top 13% on its street) but is on an average-sized lot and is older than most homes nearby. It's a larger, older character home on a standard lot.
5. Is the lack of a garage a major drawback?
For this area and price point, it is common. The property does have a decent lot size, which may allow for the addition of a parking pad or future garage, subject to local bylaws and permits.