Property Overview & Key Characteristics
This one-and-a-half storey home on Flora Avenue, built in 1913, presents a classic Winnipeg character property with solid fundamentals. Its primary appeal lies in its generous 2,865 sqft lot, which ranks within the top 20% on the street, offering valuable outdoor space and potential in a central location. The living area of 1,344 sqft is comfortably sized, ranking above average for the street. While the basement exists, it is noted as not renovated, and the property does not have a garage or pool.
The home’s assessed value is notably low, placing it in the top 10% of Winnipeg for low assessments, which can be attractive for property tax considerations. However, it last sold for $170,000 in early 2022, a price that ranked in the top 7% of the city at that time, suggesting a market value significantly higher than its official assessment. This property would suit a buyer looking for a character home on a large lot who is comfortable with a project, particularly a basement that may require updating. It’s a practical choice for those valuing land size and location over modern finishes, potentially appealing to first-time investors or owner-occupants with renovation plans.
Frequently Asked Questions
1. What does "not renovated" for the basement imply?
It typically means the basement retains its original or older state, likely with an unfinished or utility-focused layout. Buyers should budget for potential updates to make it a comfortable living or storage space.
2. How significant is the difference between the assessed value and the last sale price?
The $170,000 sale price versus an $18,900 assessment is a substantial gap. It indicates strong market demand for the location and lot, but buyers should rely on current market comparisons, not the assessment, to determine value.
3. Who is responsible for maintaining the large lot, and are there any restrictions?
The homeowner is fully responsible for the maintenance of the 2,865 sqft lot. It’s advisable to check with the city for any bylaws regarding tree preservation, fence heights, or future development rights on a lot of this size.
4. What are the implications of not having a garage?
Parking will be limited to on-street or a potential driveway if space allows. This is a common trade-off in older neighbourhoods and impacts convenience, especially in winter.
5. The home is over 110 years old. What should I be most concerned about?
While charm is a key feature, priority inspections should focus on the foundational integrity, the age and condition of the roof, wiring, and plumbing. The unrenovated basement also warrants a close look for moisture management.