Property Overview: 821 Lorette Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home in Earl Grey presents a distinct opportunity. Built in 1911, it offers 1,052 sqft of living space, a detached garage, and a full, unrenovated basement on a 3,792 sqft lot. Its key appeal lies in its position within a desirable, established neighbourhood, coupled with a very low municipal assessed value that suggests significant potential for equity growth through updates. The lot size is notably above average for Earl Grey, offering valuable outdoor space in a mature community.
This property is best suited for a specific buyer: the value-driven renovator, the long-term investor, or someone seeking entry into a sought-after neighbourhood where they can build sweat equity. It’s not a move-in-ready home, but a foundational project. A less obvious perspective is its potential as a multi-generational play; the large lot and basement offer future possibilities for expansion or an income suite (subject to approvals), making it a strategic purchase for a family planning ahead.
Section 2: 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. Given the home's age and the note that the basement is "not renovated," the low assessment likely reflects a need for significant modernization and systems updates throughout, positioning it well below neighbourhood comparables.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor under sloped roofs, offering cozy bedrooms and potentially dormer windows. It's a classic Winnipeg design, often with character, but may have smaller or uniquely shaped rooms on the upper level.
3. Is the large lot size a major advantage?
Yes, especially in this context. While the home itself requires work, owning an above-average-sized lot in Earl Grey is a permanent asset. It provides more privacy, yard space, and future flexibility than many neighbouring properties, which enhances long-term value.
4. What should I budget beyond the purchase price?
Prospective buyers should immediately budget for essential updates. The unrenovated basement and age of the home (115 years) suggest potential needs in roofing, plumbing, electrical, insulation, and heating systems. A thorough pre-purchase inspection is crucial to scope these costs.
5. How does the recent sale price compare to the assessment?
The home sold for $26.60k in August 2023, which is notably higher than its $18.20k assessed value. This indicates that the market price recognizes the underlying value of the lot and location, even beyond the city's assessment for tax purposes, and that buyer demand exists for such projects in this area.