Property Overview & Key Characteristics
This one-storey home on Essex Avenue presents a classic Glenwood character property built in 1914. Its primary appeal lies in its solid foundation within a well-regarded neighbourhood, offering a rare opportunity for a buyer seeking a project. The 620 sqft living area is compact, but the lot is a generous 2,564 sqft, providing valuable outdoor space and future potential in a central Winnipeg location.
The home suits a specific buyer: either a hands-on individual looking for a manageable renovation project to create a personalized home, or an investor considering the value of the land and established neighbourhood. Its recent sale history shows significant appreciation, suggesting the area is in demand. A less obvious perspective is that this home, while small, ranks in the top tiers of the neighbourhood and city for its lot size and assessed value, indicating it's a premium property within its category. The unrenovated basement and lack of garage mean the price likely reflects the land and location, with the house itself seen as a canvas.
Frequently Asked Questions
1. What does "rank by area, larger = better rank" mean for the lot size?
The 2,564 sqft lot size ranks in the top 15% in the Glenwood neighbourhood and top 6% city-wide, meaning it's a substantially larger-than-average parcel for the area, which is a key asset.
2. The home sold for $200k in 2021 but the assessed value is $190k. What does this indicate?
The close alignment suggests the city's assessment is closely tracking market values. The sale three years ago provides a solid, recent benchmark, showing the property has held its value in the current market cycle.
3. Who is this type of property best suited for?
It's ideally suited for a buyer who values location and land size over move-in-ready condition. This could be a renovator, a buyer planning a future rebuild, or an investor who understands the long-term value of a large lot in a central, established neighbourhood.
4. How does the living area compare to nearby homes?
At 620 sqft, the living space is modest and ranks in the smaller portion of homes on its street. The listed nearby properties, like those on Guay Avenue, show similarly sized character homes, confirming this is a pattern for original houses in the area. The value here is in the lot, not the current square footage.
5. What is the significance of the older year of construction (1914)?
It confirms the home is a true character property, likely with older building materials and charm. Buyers should budget for potential updates to wiring, plumbing, and insulation to meet modern standards, but also gain the benefits of a mature neighbourhood and a potentially more durable construction style.