Property Overview & Key Characteristics
This one-storey home on Pilgrim Avenue in Winnipeg's Glenwood neighbourhood is a compact, no-frills property defined by its modest scale and value-focused proposition. At 632 square feet of living space, it is notably smaller than most homes in the area and across the city. Built in 1931, it features an unrenovated basement and a detached garage. Its primary appeal lies in its extremely low assessed value, which positions it as one of the most affordable entry points into homeownership in Winnipeg. The lot size is fairly typical for the immediate street.
This property would suit a very specific buyer: a first-time purchaser or investor with a tight budget who prioritizes securing a land title over move-in condition or space. It is a project-in-waiting, ideal for someone with renovation skills or the patience to build equity slowly through upgrades. A less obvious perspective is its potential as a "holding property"—a low-cost asset where the carrying costs are minimal, allowing an owner time to plan for a future rebuild or significant expansion on the lot.
Frequently Asked Questions
1. Is this a "teardown" property?
While the home is small and older, it is likely habitable. The decision to renovate or rebuild would depend on a buyer's budget and goals. Its condition makes it a candidate for either path.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's relatively small size, age, and lack of renovation compared to the broader market. It is in line with values for similar compact, older homes in the area.
3. What are the main considerations for living in a home this size?
Efficient use of space is essential. It may suit a single person, a couple, or someone comfortable with minimalist living. Storage and layout will be key factors.
4. How does the unrenovated basement affect the property?
This indicates lower immediate costs (reflected in the price) but also means any finished living or storage space downstairs would require investment. It should be inspected for moisture and structural integrity.
5. The sold price history shows a range. What sold for around $20k-$23k in 2019?
The sold price from late 2019 refers to this specific property (64 Pilgrim Avenue) and indicates its market value at that time. For the exact figure, you can request the precise sold price via the provided email service.