Property Overview
This one-storey home at 72 Essex Avenue in Winnipeg's Glenwood neighborhood presents a practical opportunity centered on its generous lot and established location. Its appeal lies in being a modest, renovated baseline home on a notably large parcel of land for the immediate area. The house itself, built in 1944 with 819 sqft of living space and a renovated basement, is functionally average for its street and neighborhood but sits on a lot that ranks in the top 5% on Essex Avenue for size. Recent sale history shows consistent activity, suggesting a steady, accessible market.
This property would suit a first-time buyer looking for a foothold in a mature neighborhood without a premium price, or an investor seeking a land-value play with a rentable existing structure. It’s less suited for those seeking modern, spacious interiors or extensive amenities like a garage or pool.
Key Questions & Considerations
1. What is the true draw of this property?
While the house is modest, the standout feature is the land. At over 5,000 sqft, the lot size is elite for Essex Avenue and above average for Glenwood. This offers future potential for expansion, gardening, or outdoor space that is uncommon on the street.
2. How does its value compare contextually?
The assessed value is around average for Glenwood but below average citywide. This indicates you’re paying primarily for location and lot within a specific community context, not for a high-value structure compared to the broader Winnipeg market.
3. What does the sale history indicate?
The home has sold three times since 2018, approximately every two years. This pattern suggests a property that serves as a reliable starter home or investment holding, with a market that turns over regularly at a relatively accessible price point.
4. Are the renovations recent, and what do they cover?
The listing notes a renovated basement, but the extent and date of the renovation are not specified. This would be a key area for inspection and inquiry to understand the home’s current condition and any immediate maintenance needs.
5. What are the trade-offs for the large lot?
The home’s living space is below the city average. Buyers should weigh the value of the generous outdoor space against the compact interior layout, considering their lifestyle needs and whether they prioritize indoor or outdoor space.