Property Overview & Key Characteristics
This 1953 one-storey home on Talbot Avenue in East Elmwood presents a distinct value proposition. Its primary appeal lies in a desirable combination: a recently renovated basement and a detached garage on a notably large, 5,000 sqft lot that ranks well above average for the immediate area. The home itself is compact at 768 sqft, which is reflected in its lower-than-average citywide assessed value. However, this same characteristic makes for very manageable maintenance and lower utility costs. The property’s assessed value is high for its street and neighborhood, suggesting official recognition of its lot size, condition, or improvements relative to nearby homes.
It would best suit a first-time buyer, downsizer, or practical investor looking for a solid entry into the Winnipeg market without a massive footprint. The generous lot offers clear potential for gardening, outdoor living, or future expansion, providing a long-term asset that the modest house currently sits on. This is a property where the land is a leading feature, appealing to those who see value in space and potential over sheer interior size.
Frequently Asked Questions
1. Is the house too small?
At 768 sqft, the living area is below average for the city. However, the renovated basement adds functional space. This layout suits individuals, couples, or small families who prioritize efficient living and lower upkeep over expansive square footage.
2. Why is the assessed value higher than neighbors' if the house is smaller?
Municipal assessments consider multiple factors, not just living area. The significantly larger-than-average lot size for the street and the renovated basement likely contribute to its higher assessment relative to immediate peers, indicating these features add tangible value.
3. What does the sale history indicate?
The property sold for $350,000 in July 2022, significantly above its current assessed value. This recent market price suggests buyers were willing to pay a premium for the package of lot size, renovations, and location at that time.
4. What are the pros and cons of a detached garage?
A detached garage offers flexibility—it can be used as a workshop or studio without concerns about noise or fumes entering the house. The trade-off is dealing with winter weather when going between your car and home.
5. Is the age of the home (1953) a concern?
The build year is average for the area. While the basement has been renovated, a prospective buyer should still investigate the condition of major aging components typical for the era, such as the roof, plumbing, and electrical systems, to understand any upcoming maintenance.