Property Overview
This two-storey home at 538 Atlantic Avenue stands out for its substantial size and recent updates within its established Inkster-Faraday neighbourhood. Its primary appeal lies in offering significantly more space—both indoors and on the lot—than nearly all comparable properties nearby, presenting a unique value proposition in the local market.
Key Characteristics & Suitability
The home's most defining feature is its generous 2,840 sqft of living area, which ranks in the top 1% for its street and neighbourhood, being nearly triple the local average. This is complemented by a large 5,108 sqft lot, also in the top tier for the area. The basement has been renovated, adding functional space, and the property includes a detached garage. Built in 1953, it is notably newer than many surrounding homes.
Its appeal is rooted in offering family-sized space in a neighbourhood where such large homes are rare. The very low assessed value, while creating an attractive tax advantage, is a significant outlier that requires careful consideration. This property would best suit a practical buyer looking for maximum square footage on a sizable lot, who is comfortable with an older home that may blend modernized spaces with original elements. It’s a compelling option for those prioritizing interior and yard space over a central or high-value postal code.
Frequently Asked Questions
1. Why is the assessed value so much lower than the living area would suggest?
The assessed value is exceptionally low for a home of this size, ranking in the top 1% locally but only around the city-wide average. This can be due to a variety of factors specific to the property or area, and it's advisable to understand the reasons—which could range from valuation methods to property condition—as it impacts property taxes and perceived market value.
2. What does the "renovated basement" entail?
The listing notes the basement is renovated, but the scope, quality, and permits (if any) for this work are not detailed. A professional inspection is highly recommended to verify the finish quality, moisture control, and compliance with building codes.
3. How does the recent sale price (Dec 2024: ~$39.5k-$42.5k) relate to the assessed value?
The recent sale price appears closely aligned with the assessed value of $40,800k. This correlation is unusual for the Winnipeg market and suggests the market is currently valuing this property based on factors other than sheer size, warranting further investigation into the property's condition and the neighbourhood's market dynamics.
4. What are the implications of the home's age (1953) and the era of construction?
While newer than many neighbours, a 73-year-old home will have aging core systems (like plumbing, electrical, and the roof). The renovated basement is a positive, but the condition of the original structure and other unrenovated areas should be a primary focus.
5. The home is "Elite" in size locally but not city-wide. What does this mean?
This highlights the neighbourhood context. You are purchasing a uniquely large property for this specific area, which offers great space. However, its size and value are more common when compared to the entire city. The value is in getting a "top 1%" local property without a "top 1%" city price tag.