Property Overview
This one and three-quarter storey home at 418 Washington Avenue in Winnipeg's Chalmers neighbourhood presents a distinct profile. Built in 1914, it sits on a lot that is smaller than average for both the street and the city, but it offers more living space (1,140 sq ft) than most comparable homes in its immediate area. A key feature is its renovated basement. The property last sold in September 2024 for $270,000, a significant increase over its 2020 sale price and its current assessed value of $25,500.
Its appeal lies in its above-average interior space for the locale and the value of recent updates, particularly the basement. It suits a practical buyer looking for a character home with some modernized elements, who prioritizes interior living area over a large yard. A thoughtful perspective is that its smaller lot could mean lower maintenance costs and less time spent on outdoor upkeep, which can be a hidden benefit for busy owners or those seeking efficiency.
Frequently Asked Questions
1. Why is the sale price so much higher than the assessed value?
Assessed values in Manitoba are primarily for municipal tax purposes and often lag behind current market conditions, especially after a recent renovation or in a shifting market. The sale price reflects what a buyer was willing to pay based on recent updates and comparable sales at that time.
2. 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 full-height ceilings in the center of the house, with sloped ceilings or knee walls in the rooms under the eaves, creating a cozy, character-filled upper level.
3. The lot size is noted as below average. How much of an issue is this?
While the land area is smaller than many city lots, it is not uncommon for older neighbourhoods. It translates to less yard maintenance. For buyers seeking a large garden or extensive outdoor space, it's a consideration; for those who prefer a lower-maintenance property, it can be a practical feature.
4. The home is over 100 years old. What should I be mindful of?
While the renovated basement is a positive, the age of the home necessitates a thorough inspection. Key focus areas for a home of this vintage would include the foundation, roof, wiring, plumbing, and insulation to understand what updates have been made and what may be needed in the future.
5. How does the property compare to others on the street and in Chalmers?
The data shows this home offers more living space than most on its street and in the Chalmers area. Its assessed value is also above average for the neighbourhood. This suggests you are getting a relatively larger, potentially more updated home within its local context, even though the lot itself is smaller.