Property Overview: 524 Larsen Avenue, Winnipeg
Key Characteristics & Buyer Appeal
This one-and-a-half storey home in Chalmers, built in 1922, presents a practical opportunity centered on its above-average living space and established neighbourhood setting. With 1,384 sqft of living area, the home offers significantly more interior space than most comparable properties on its street and in the immediate area. This is its most standout feature for a house of its vintage. The lot size is modest for the city but typical for the neighbourhood. The home has an unrenovated basement and no garage, indicating it is well-suited for a buyer comfortable with a project or who prioritizes square footage over turn-key condition.
Its appeal lies in value and potential. The 2023 sale price of $310k was well above average for the street, suggesting buyers see inherent value here, likely in its generous layout and solid foundation. It suits first-time buyers or practical investors looking for character-home proportions without a massive lot to maintain. A thoughtful perspective is that its older age (104 years) is actually average for its specific street, meaning the neighbourhood is established with consistent upkeep expectations. While the assessed value is low compared to the city, it’s competitive locally, highlighting that this is a neighbourhood-driven purchase rather than a city-wide comparison play.
Frequently Asked Questions
1. Is the basement finished?
No, the basement is noted as not renovated, offering a blank canvas for future development or utilitarian storage space.
2. How does the living area compare to nearby homes?
Very favourably. At 1,384 sqft, the living area is in the top 7% for both Larsen Avenue and the broader Chalmers neighbourhood, meaning it offers more interior space than most similar local properties.
3. What does the "below average" land area ranking mean for me?
The lot is 2,501 sqft, which is smaller than the Winnipeg average but typical for this part of Chalmers. It means lower maintenance than a large lot but limited space for extensive expansions or pools.
4. Why is the assessed value so much lower than the recent sale price?
Municipal assessed value for tax purposes often lags behind market value, especially after a recent sale. The sale price of $310k reflects what a buyer was recently willing to pay in the open market.
5. Are homes on this street generally older?
Yes. With a build year of 1922, this home is actually newer than the average on Larsen Avenue (approx. 1930), indicating a street of character homes with a consistent, historic streetscape.