Property Overview: 414 Harbison Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This is a classic, compact one-storey home built in 1911, situated on a modest lot in the Chalmers neighbourhood. Its key appeal lies in its affordability and value as a land-holding proposition within the city. The home itself is 726 sqft with an unrenovated basement and a detached garage, representing a straightforward, no-frills property.
The data reveals a clear narrative: this home ranks below average in size, land area, and year built compared to its immediate street, neighbourhood, and the wider city. However, its very low assessed value ($13,200) places it in the bottom tier of all properties city-wide, which directly translates to its primary advantage—exceptionally low property taxes. The recent sale price of $240,000 is significantly above the assessed value but remains below the Winnipeg average, indicating a market premium for the lot and location.
This property would best suit a pragmatic, value-conscious buyer. It’s ideal for a first-time homeowner comfortable with a smaller footprint, an investor looking for a rental with low carrying costs, or a buyer viewing it as a long-term land investment with a liveable structure in the interim. Its unrenovated state offers a blank canvas but requires a buyer ready for updates.
Section 2: Frequently Asked Questions
1. Why is the sale price so much higher than the assessed value?
Assessed value for tax purposes often lags behind market value, especially in active markets. The sale price reflects what a buyer was recently willing to pay for the combination of land, location, and liveable house, not just the city's valuation formula.
2. What does "below average" in rankings mean for a buyer?
For metrics like living area, it confirms the home is smaller than most. For the assessed value ranking, being "below average" (Top 98%) is actually a financial benefit, as it indicates disproportionately low property taxes.
3. Is the unrenovated basement a major concern?
It depends on your plans. It presents potential for future living or storage space but will require appropriate investment and permits to finish. It’s advisable to check for any moisture issues or necessary structural updates.
4. Who might this property not suit?
It would not suit buyers seeking a move-in-ready modern home, those needing significant space, or anyone uncomfortable with the maintenance and update projects typical of a 115-year-old house.
5. How does the lot size impact future potential?
At 2,265 sqft, the lot is smaller than most in the area. This may limit expansion possibilities like a large addition. However, it also means less exterior maintenance. Any development plans would require careful review of zoning bylaws.