Property Summary: 689 Flora Avenue, Winnipeg
Key Characteristics, Appeal & Ideal Buyer
This is a classic two-storey home built in 1907, offering 1,440 sqft of living space. It sits on a modest 2,868 sqft lot and features a detached garage and an unfinished basement. The home’s primary appeal lies in its significant price point, as evidenced by its exceptionally low assessed value and recent sale price. This presents a rare entry point into the Dufferin neighbourhood, especially for a home of above-average size for the immediate area.
Its appeal is for the value-seeking buyer who sees potential rather than perfection. It suits a hands-on purchaser—perhaps a first-time buyer with renovation skills, an investor looking for a hold property, or someone prioritizing location and square footage over modern finishes. A less obvious perspective is that the home’s age and condition offer a blank canvas, free from the constraints or costs of undoing recent but potentially dated renovations. It represents a foundational asset in a mature neighbourhood where the value is in the land and the structure’s bones, not in its current finishes.
Frequently Asked Questions
1. Why is the assessed value so much lower than typical homes?
The assessed value reflects the property’s current state and market position. A value this low typically indicates a home in need of significant repair or modernization, which is factored into the official assessment.
2. Is the living space actually larger than nearby homes?
Yes. The data shows this home’s living area is in the top 14% for its street and neighbourhood, meaning it offers more interior space than most comparable properties nearby, which average around 1,120 sqft.
3. What does the "unfinished basement" mean for potential?
It indicates a basement that is not developed into living space (like a rec room or suite). This is a project area but offers flexibility for storage, utilities, and future renovation to add value according to your needs and budget.
4. How does the lot size impact the property?
At 2,868 sqft, the lot is smaller than average for the city and the area. This means lower maintenance but also limits expansive outdoor additions. The focus here is on the house itself and its location.
5. The home is over 100 years old. What should I consider?
While the structure has historical character, major systems (like plumbing, electrical, and the foundation) may require inspection and updating to meet modern standards and efficiency. This is a key factor in its valuation and a primary consideration for any offer.