Property Overview: 789 Hector Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home on Hector Avenue in Ebby-Wentworth presents a straightforward, no-frills opportunity. Built in 1947, its 982 sqft living area is typical for the immediate street and neighbourhood, offering compact, manageable space. A key characteristic is its generous 4,375 sqft lot, which is notably larger than many in the Ebby-Wentworth area, providing valuable outdoor space and potential. The home features a detached garage.
Its primary appeal lies in its position as an accessible entry point into the market. With a recently sold price and an assessed value significantly below city averages, it represents a lower barrier to entry. This isn't a modernized showhome; its value is in the land, location, and foundation it provides. It would suit a first-time buyer comfortable with a home that may require updates, an investor looking for a land-hold property, or a practical buyer seeking a modest footprint with a surprisingly spacious yard in a central neighbourhood. The data suggests you're paying for location and lot size rather than finished living space.
Frequently Asked Questions
1. Why is the assessed value so much lower than the average Winnipeg home?
Assessed value is based on a municipal evaluation for tax purposes and often lags behind market value, especially for older homes that haven't been recently renovated. In this case, the low assessment primarily reflects the home's age, modest size, and likely condition compared to newer or extensively updated properties city-wide.
2. Is the smaller living area a concern?
At 982 sqft, the living area is functional but compact. It aligns with the average for older homes in this specific neighbourhood, suggesting a typical layout for the era. Buyers should prioritize efficient use of space and consider whether the larger lot offsets the smaller interior footprint for their needs.
3. What does the larger lot size mean for me?
The lot is a standout feature. Being "above average" for Ebby-Wentworth means more private outdoor space than many neighbouring properties. This allows for gardening, recreation, or future expansion like a shed, deck, or even an addition, subject to zoning bylaws.
4. What should I know about a home built in 1947?
Homes of this age often have solid construction but may require attention to aging components. A thorough inspection is crucial to understand the condition of major systems like wiring, plumbing, and the foundation. This also represents a chance to personalize the home through gradual updates.
5. How does the recent sale price compare to the listed assessed value?
The home sold for $29,500, which is higher than its $23,900 assessed value. This is common, as the sale price reflects the current market, while the assessment is an administrative valuation. This sale establishes a recent, concrete market value for the property.