Property Overview: 803 Lorette Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home in Earl Grey, built in 1914, presents a straightforward opportunity. Its key characteristic is a modest 1,088 sqft living area, which is quite typical for the street and neighbourhood. The lot size of 3,798 sqft is actually above average for Earl Grey, offering good outdoor space relative to many area homes. Notably, the home has an unrenovated basement and no garage.
The appeal lies in its position as an entry-point property in a well-regarded neighbourhood. The assessed value is significantly below average for the area, suggesting room for equity growth through updates. It suits a practical buyer—perhaps a first-time homeowner, an investor, or a downsizer—who is comfortable with a home that requires modernization and values the established, tree-lined streets of Earl Grey over a turn-key condition. A thoughtful perspective is that this property offers the chance to put your own stamp on a character home without the premium price of a fully updated one, while the above-average lot for the neighbourhood provides valuable future flexibility.
Section 2: Frequently Asked Questions
1. What does "below average" assessed value mean for this home?
It indicates the city's assessment for tax purposes is low compared to nearby homes. This often points to a property that hasn't been recently updated, but can mean a lower property tax bill and potential for increased value through renovations.
2. Is the basement finished?
No, the listing specifies the basement exists but is "not renovated." Buyers should budget for any desired finishing and anticipate the need for inspections regarding its condition and foundational integrity typical of a 1914 build.
3. What are the implications of having no garage?
Parking will be limited to driveway or street. This is a common feature in older neighbourhoods, but buyers should consider their vehicle storage needs, winter convenience, and the potential cost of adding a garage later.
4. How does the lot size compare?
At 3,798 sqft, the lot is larger than the average for Earl Grey. This is a relative strength, providing more private outdoor space than many neighbouring properties, which could be a priority for families or gardeners.
5. The home is over 100 years old. What should I be most mindful of?
While offering character, a home from 1914 will likely have older major systems (like plumbing, electrical, and heating). A thorough inspection is essential to understand the condition and to plan for necessary updates or repairs, which should be factored into the overall investment.