Property Overview & Key Characteristics
This one-and-a-half storey home on Lorette Avenue in Earl Grey is a classic Winnipeg character property with practical considerations. Built in 1912, it offers 1,056 sqft of living space, which is quite typical for the street and neighbourhood. The home sits on a 2,533 sqft lot and features a detached garage and an unfinished basement.
Its primary appeal lies in its location within the established, tree-lined Earl Grey neighbourhood and its position as a potentially more accessible entry point into the market. The assessed value is notably below averages for the area, which may indicate an opportunity for a buyer willing to invest in updates. This home would suit a first-time buyer, an investor, or a hands-on owner who values character over move-in-ready perfection and sees potential in a property that offers solid fundamentals in a desirable location. It's a home for someone who understands they are purchasing location and structure, with the understanding that personalization and modernization will be part of the journey.
Frequently Asked Questions
1. Why is the assessed value so much lower than area averages?
While the home is in a sought-after neighbourhood, its assessed value reflects specific property characteristics, including its age (1912), smaller lot size relative to the area, and the condition of the home, particularly the unfinished basement. This creates a value proposition different from newer or fully renovated homes nearby.
2. What does the "one-and-a-half storey" design mean?
Typically, this style features main living areas on the ground floor, with a second floor under sloping roof lines, often containing cozy bedrooms or additional space. It's a charming, traditional layout common in older Winnipeg neighbourhoods.
3. Is the smaller lot size a significant drawback?
For some, yes; for others, no. The lot is smaller than many in the city and even on the street, which limits expansive yard potential. However, it can mean less maintenance and a more manageable outdoor space, which can be appealing.
4. What should I consider about the unfinished basement?
An unfinished basement offers a blank canvas for future development (like a rec room or suite) but requires a significant investment to insulate, frame, and finish. It also means core systems like plumbing and electrical may be exposed for easier inspection.
5. How does the 2021 sale price compare to the current assessment?
The home sold for $18.5k in March 2021. The current assessed value of $200k is substantially higher, reflecting a significant market-wide adjustment in values over that period and the city's assessment methodology, which considers broader market trends.