Property Overview: 717 Lorette Avenue, Winnipeg
Key Characteristics & Appeal
This is a modest, one-storey home in Winnipeg's Earl Grey neighbourhood, built in 1912. With 780 sqft of living space on a 2,528 sqft lot, it is notably compact compared to most area homes. Its key characteristic is its exceptionally low assessed value, which ranks in the bottom 3-5% locally, indicating one of the most accessible price points in the area.
The primary appeal lies in its potential as an entry point into a well-established neighbourhood. It suits a specific type of buyer: a first-time homebuyer, an investor, or a downsizer seeking minimal property maintenance and a very low property tax burden. The home presents a straightforward renovation project, as the basement is noted as unrenovated and there is no garage. Its value is rooted in land and location rather than the current structure, offering a blank canvas for customization or a long-term hold in a central community. A less obvious perspective is that its small scale and vintage charm could appeal to those seeking a "right-sized," efficient home without the excess space and upkeep of a larger property.
Frequently Asked Questions
1. What does the low assessed value mean for property taxes?
A low assessed value typically results in a correspondingly low municipal property tax bill, which is a significant ongoing cost savings for the owner.
2. Is the house livable while renovating?
Given its small, one-storey layout and unrenovated basement, it may be challenging to live in during a full renovation. Planning for phased updates or temporary relocation is advisable.
3. What are the implications of having no garage?
Buyers should factor in the cost and feasibility of adding off-street parking if desired, or be comfortable with on-street parking year-round.
4. How does the small lot size affect future plans?
The lot is below average in size for the street and area. This limits possibilities for large additions, extensive landscaping, or building a detached garage without a variance from the city.
5. The home is over 110 years old. What should I prioritize in an inspection?
Beyond standard systems, an inspection for a home of this age should give special attention to the foundation, original plumbing and electrical wiring, and the structural integrity of the roof and floor joists.