Property Overview: 842 Garwood Avenue, Winnipeg
Key Characteristics & Appeal
This one-storey home in the established Earl Grey neighbourhood presents a practical and value-oriented opportunity. Its key characteristics include a modest 816 sqft living area, which is below average for the area, paired with a fully renovated basement that adds functional space. The property sits on a standard city lot of 3,338 sqft and includes a detached garage. Built in 1945, it is notably older than many city-wide comparables but is actually newer than many homes on its own street and in Earl Grey, suggesting a well-preserved streetscape of character homes.
The appeal lies in its efficient scale and recent updates, notably the basement renovation. With an assessed value that is around the average for the immediate area, it represents a more accessible entry point into a desirable neighbourhood without the premium often attached to larger, modernized homes. This property would suit first-time buyers, downsizers, or pragmatic investors seeking a manageable footprint in a central location. It’s a home for those who prioritize location and a solid foundation over sheer size, and who see the value in a renovated basement as a flexible space for family, hobbies, or potential rental income.
Frequently Asked Questions
1. Is the house unusually small for the area?
Yes, the living area is below the average for Earl Grey. However, its assessed value is consistent with area averages, indicating the market recognizes factors beyond just square footage, likely including the renovated basement and the lot location.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A professional inspection is recommended to determine the quality of the renovation, the materials used, and whether it includes legal secondary suite potential.
3. How does the 1945 build year affect the home?
While older, the home is actually newer than many on its block. This can mean more modern construction methods for its era but also necessitates close attention to the condition of major aging components like the roof, plumbing, and electrical systems.
4. The home sold in 2016 for a significantly lower price. What does this mean?
The 2016 sale price reflects the market conditions and the property's state at that time. The substantial increase to the current assessed value likely correlates with the basement renovation and overall market appreciation, but it’s a key data point for understanding the property’s history.
5. Are the neighbouring properties similar?
Adjacent addresses on Garwood Avenue are typically similar vintage one-storey homes, suggesting neighbourhood consistency. This can be positive for maintaining streetscape character, but it also means future resale comparisons will be made against these typically modest, older homes.