Property Overview: 738 Warsaw Avenue, Earl Grey, Winnipeg
Key Characteristics & Appeal
This is a classic one-and-a-half storey home in the established Earl Grey neighbourhood, built in 1912. With 1,239 square feet of living space, it sits on a standard city lot and features a basement that is present but not renovated. The home lacks a garage or pool. Its core appeal lies in its position within a mature, central community and its notably low municipal assessed value, which is significantly below averages for the street, neighbourhood, and city. This suggests a potentially accessible entry point into the market.
The property would suit a specific type of buyer: those seeking a character home in a central location who are prepared for a project. It is a candidate for a live-in renovation, appealing to handy first-time buyers or investors looking for a value-add opportunity. The low assessment, while indicating a need for updates, also presents a scenario where significant improvements could translate to substantial equity growth. A thoughtful perspective is that its "below average" metrics are precisely what create its opportunity, offering a chance to customize a century-old home without the premium price of a fully updated property in the area.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the property's current state. The notation that the basement is "not renovated" is a key factor, and the overall condition likely reflects the need for modernization, which is factored into the official valuation.
2. What does "one & 1/2 storey" typically mean for a home of this era?
This style usually features a main floor with principal rooms and a second floor under sloped roofs, creating cozy bedrooms with potentially unique layouts. It is a common architectural style for Winnipeg homes built in the early 1900s.
3. Is the lack of a garage a major concern?
It is a consideration for vehicle storage and workshop space. However, on-street parking is typical in the area. Buyers would need to evaluate their personal storage needs and the feasibility of adding a garage or shed in the future, subject to local bylaws.
4. How does the 2017 sale price relate to the current assessed value?
The home sold for $22,800 in 2017. The current assessed value of $24,700 shows a modest increase in its official valuation over that period, which may reflect market trends and the city's assessment model rather than specific improvements made to the property.
5. What are the implications of an unrenovated basement?
This indicates the lower level is in original or utility condition. It presents both a project and a blank slate. Buyers should budget for potential moisture management, insulation, framing, and finishing to create livable space, and will want to investigate its suitability for these upgrades.