Property Overview: 480 Simcoe Street, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home, built in 1907, presents a classic character property in the Daniel McIntyre neighbourhood. With 1,410 sqft of living space, it offers above-average roominess for both its immediate street and local area. A key feature is its detached garage, adding valuable utility and storage. The home sits on a 2,754 sqft lot, which is a generous size for the central neighbourhood, providing good outdoor potential.
Its primary appeal lies in its strong local standing. The property ranks in the top tier on Simcoe Street for both living area and assessed value, indicating it is a well-sized and historically valued home within its specific, established community. It suits a buyer looking for a character home with more space than many in the area, who values a traditional neighbourhood feel over a newer suburban setting. The unrenovated basement presents a clear project or storage opportunity, making it a fit for a hands-on owner or someone comfortable with gradual updates. A thoughtful perspective is that while its assessed value is strong locally, it is below the city-wide average, which may reflect the older home stock in the area but could also represent a relative value opportunity within Winnipeg’s broader market.
Section 2: Frequently Asked Questions
1. What does "above average for the street" actually mean for a buyer?
It means that compared to other homes on Simcoe Street, this property has more living space and a higher assessed value than most (ranking in the top 14%). This suggests it’s a sizeable and substantial home in its immediate context, which can be a positive for both livability and future resale within the neighbourhood.
2. The basement is noted as "not renovated." What should I expect?
You should anticipate a functional but unfinished space typical of a home of this era. It likely provides essential utilities and significant storage or workshop potential, but will not be a finished living area without investment.
3. How does the recent sale price compare to the assessed value?
The home sold for $23,300 in July 2024, which is close to its $21,900 assessed value. This close alignment suggests the sale was consistent with its official valuation at that time, though market conditions always play a role.
4. The home is older. Are there any obvious concerns?
Being built in 1907, prospective buyers should prioritize a thorough inspection. While the structure has clearly stood the test of time, attention should be paid to the condition of foundational elements, the roof, wiring, plumbing, and windows, which may need updating or maintenance.
5. How does the lot size impact the property's value?
At 2,754 sqft, the lot is above average for the street. In a central neighbourhood, this provides a valuable private outdoor space, room for gardening, or potential for additions like a deck or shed, which are less common on smaller, older lots.