Property Overview
508 Jamison Avenue is a compact, one-storey home built in 1914, situated on a standard-sized lot in Winnipeg's Chalmers neighbourhood. Its key characteristic is its modest scale, with a living area of 480 sqft that places it among the smallest homes in the city. The assessed value is notably low, reflecting its size and unrenovated basement. The home last sold in June 2021 for $90,000.
Section 1: Key Details & Appeal
- Key Characteristics: This is a historic, entry-level property defined by its small footprint and very low property taxes (as indicated by the assessed value). It has an unrenovated basement and no garage. The lot is a manageable size, typical for the immediate street but smaller than the city average.
- Where the Appeal Lies: The primary appeal is financial. It represents one of the most accessible price points in the Winnipeg market, offering a path to homeownership with minimal ongoing tax burden. For the right buyer, its small size is a feature, not a flaw—promising lower utility costs and minimal upkeep. Its age offers potential character, and the lot provides outdoor space uncommon with similarly priced condos.
- Who It Suits: This property is a pragmatic fit for a first-time buyer or an investor seeking a straightforward, low-cost entry into the market. It would also suit someone looking to downsize dramatically or who values ultra-low fixed housing costs above space. It's a project-friendly home, ideal for someone who sees potential in a basic structure and is prepared for updates over time.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
Assessed value is used for calculating municipal property taxes and often lags behind market sale prices, which are influenced by broader market demand. The significant difference here suggests the market perceives value beyond the municipal assessment, likely due to the scarcity of homes at this price point.
2. Is the small living area a major drawback?
It depends on your needs. At 480 sqft, it's significantly smaller than the average Winnipeg home. This requires a minimalist lifestyle or creative use of space, but it also translates to very efficient heating and cleaning. It’s a specific trade-off for lower costs.
3. What does "unrenovated basement" imply?
This typically means the basement is in original or functional condition but not modernized. It may be suited for storage and utilities but likely lacks finished living space. Buyers should budget for potential moisture-proofing, insulation, or updates to meet their needs.
4. How does the age of the home (1914) affect it?
A 110-year-old home has historic charm but requires diligent maintenance. Key systems like wiring, plumbing, and the foundation should be inspected thoroughly. While its age is average for the street, it may need more ongoing attention than a newer build.
5. What is the neighbourhood like?
Located in Chalmers, the home is on a street with a mix of older and newer properties, as seen in nearby listings. The presence of recently built homes on the same avenue suggests an area undergoing gradual renewal. Prospective buyers should visit at different times to gauge the community feel and amenities.