Property Overview: 426 Martin Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home, built in 1977, presents a practical opportunity in Winnipeg's Chalmers neighbourhood. Its key appeal lies in its relative modernity compared to the area's predominantly early-1900s housing stock, potentially meaning fewer concerns with outdated mechanical systems or foundations. The 1,140 sqft living area is comfortably above average for the immediate street and neighbourhood, offering good space for its class.
The home sits on a modest 2,174 sqft lot, which is significantly smaller than typical city lots but common for the area. This translates to lower maintenance and is a trade-off for the home's newer vintage. A detached garage and a renovated basement add functional value. The most recent sale was in November 2023 for $22,500, closely aligned with its assessed value, suggesting a stable, entry-level price point in the market.
This property would best suit a first-time buyer, an investor, or someone seeking a low-maintenance footprint. It’s for a buyer who prioritizes a more recently built structure within an established, no-frills neighbourhood over having a large yard. The data indicates you are purchasing a home that is newer and larger than most on its street, but on a smaller parcel of land—a distinct value proposition for the right buyer.
Section 2: Frequently Asked Questions
1. Is the small lot size a major drawback?
It depends on your priorities. The lot is significantly smaller than the Winnipeg average, limiting outdoor space. However, it means far less yard work and lower exterior maintenance costs, which can be a benefit for those seeking simplicity.
2. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the local market in Chalmers, where property values are generally below the city average. It's aligned with similar homes on this street and is based on factors like lot size, home age, and neighbourhood comparables.
3. The home sold recently in 2023. What does that indicate?
The quick resale could suggest an investor flip, a change in the owner's circumstances, or simply a short-term hold. The modest increase from its 2019 sale price ($17,900 to $22,500) indicates relatively stable value growth in line with the area.
4. How does the "renovated basement" factor into the value?
A renovated basement adds functional living space, which is a plus. It's important to clarify the scope and quality of the renovation, and whether it includes proper permits, as this can affect both utility and resale value.
5. What are the less obvious things to consider here?
Consider the long-term perspective: while the house itself is newer than its neighbours, the very small lot may limit future expansion possibilities. Also, the recent sale means the current price is very transparent, set by a very recent market transaction, which reduces pricing ambiguity.