Property Overview: 724 Flora Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home on Flora Avenue in the Dufferin neighbourhood presents a solid, value-oriented opportunity. Built in 1940, it offers 1,417 sqft of living space and sits on a 4,907 sqft lot, with a detached garage. The basement exists but is noted as not renovated. Its core appeal lies in its strong positional value within its immediate context. The data shows it consistently ranks above average for its street and neighbourhood in key metrics like living area, lot size, and assessed value. This suggests you're getting more house and land for your money here compared to many nearby peers.
The property would suit a pragmatic buyer—perhaps a first-time homeowner, an investor, or someone seeking character without a premium price tag. It’s for someone who sees potential in a home that is fundamentally larger and on a bigger lot than many in the area, but who is comfortable with a basement that needs work and the general upkeep of an older home. A thoughtful perspective is that this home represents a "neighbourhood anchor"—its above-average metrics on Flora Avenue indicate a property that has held its ground, potentially offering more stability and space than surrounding homes, which is a less obvious form of value.
Frequently Asked Questions
1. How does the assessed value compare to likely market value?
The assessed value is $200k, which is significantly above average for the street and area. However, it's crucial to note that this is a municipal assessment for tax purposes, not a market appraisal. The last recorded sale was in July 2021 for $175k. Market value should be determined by a current comparative market analysis with a real estate professional.
2. What does "above average" for the neighbourhood really mean for living here?
The data indicates that for Dufferin, this home has more living space and a larger lot than about 84% of comparable properties. In practical terms, this means more room indoors and outdoors than most homes immediately around you, which can translate to greater privacy, gardening space, or expansion potential.
3. The basement is "not renovated." What should I expect?
This typically indicates an unfinished or partly finished basement in original condition. Expect foundational walls and floors, basic utility systems, and likely limited finishing. It represents both a cost-saving on the purchase price and a future project opportunity, but a professional inspection is essential to check for moisture, insulation, and structural issues common in homes of this era.
4. Is the Year Built (1940) a concern?
While newer than many homes on the street (average year built is 1927 for the area), a home from 1940 will still have aging components. The positive spin is that it may have benefited from some updates over time that even older neighbours haven't. A thorough inspection of the roof, wiring, plumbing, and heating system is non-negotiable.
5. Who might this property NOT be suitable for?
It may not suit buyers seeking a modern, move-in-ready home without any projects, or those for whom a renovated basement is a must-have. Given the data shows its city-wide rankings for value and year built are below average, it may also not appeal to buyers comparing it broadly across all Winnipeg neighbourhoods rather than valuing its strong standing within the specific Dufferin community.