Property Overview
This single-storey home at 42 Fifth Avenue in Winnipeg's Glenwood neighbourhood presents a distinct profile. Its primary appeal lies in the combination of a very large, above-average lot with a modestly sized, older house that carries a notably low municipal assessment. It is a property defined more by its land and potential than by its current structure.
Key Characteristics & Ideal Buyer
The house itself is a 1,215 sqft, one-storey building constructed in 1914. It features a basement that is noted as being unrenovated and has no garage or pool. The living space is comfortably above average for its immediate street and neighbourhood. However, its assessed value is significantly below average across all comparisons—street, neighbourhood, and city-wide—suggesting the current improvements are valued modestly by the tax authority.
The standout feature is the 6,148 sqft lot, which ranks in the top 10% for size both on its street and in Glenwood. This generous parcel of land in a mature neighbourhood is the property's chief asset.
This home would suit a specific type of buyer: those with a vision for the land itself or those seeking a lower-cost entry into the neighbourhood with plans to renovate or rebuild over time. It appeals to the value-conscious purchaser who sees potential in the substantial lot size and is prepared to invest in modernizing or reimagining the existing structure. It is less suited to buyers seeking a turn-key or fully updated home.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The low assessment primarily reflects the age of the home (1914) and the noted condition of features like the unrenovated basement. The municipal assessment places a much higher value on the land itself than on the current building.
2. What can I do with such a large lot?
The lot size offers flexibility that is rare in mature neighbourhoods. Potential uses could include significant expansions, adding a detached garage or workshop, or creating extensive outdoor living spaces. Any major changes would require checking local zoning bylaws.
3. Does the low assessment mean lower property taxes?
Generally, yes. Property taxes are calculated based on the assessed value, so this home would likely carry a lower tax burden than similarly sized homes on smaller lots in the area, at least until any major renovations or a rebuild are completed and reassessed.
4. What are the implications of the "unrenovated basement"?
This typically indicates a basement in original or utilitarian condition, likely lacking modern finishes and possibly having moisture control or ceiling height considerations. It should be thoroughly inspected, but it also represents a blank canvas for a future owner's development plans.
5. How does the 1914 build year affect insurance and maintenance?
Older homes can sometimes face higher insurance premiums and require more diligent maintenance. Key systems like plumbing, electrical, and the foundation may need evaluation and updating to meet modern standards and efficiency expectations.