Property Overview: 615 College Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1920, presents a solid opportunity in the Inkster-Faraday neighbourhood. Its primary strengths are space and land. With 1,362 sqft of living area, it is notably larger than most comparable homes in its immediate area and on its street. The nearly 6,000 sqft lot is a significant asset, ranking in the top 4% for size within the neighbourhood, offering ample outdoor space and potential.
The home’s appeal lies in this above-average footprint on a generous lot, combined with a renovated basement. It suits a practical buyer looking for room to grow, garden, or simply have more space than typical for the area. The detached garage adds functional value. While the assessed value is above average for the local context, it positions the property as a substantial holding within its community, potentially appealing to those who value land and interior space over a newer build. It’s a property for someone comfortable with the character and maintenance considerations of a century-old home but seeking the advantages of a larger-scale lot and living area that are hard to find in modern constructions at a similar price point.
Frequently Asked Questions
1. How does the home’s age affect its value and condition?
Built in 1920, the home is around average age for its street and neighbourhood. While it may require updates consistent with its era, the renovated basement is a positive modern improvement. Buyers should budget for potential maintenance associated with older plumbing, electrical, or windows.
2. The assessed value seems low compared to city-wide averages. Why?
The assessed value is calculated relative to similar properties and is above average for both College Avenue and the Inkster-Faraday area. The city-wide average includes many newer homes and different market areas, so the lower ranking city-wide reflects the local market context rather than the property’s standing within its own community.
3. What is the significance of such a large lot?
A 5,938 sqft lot is a standout feature, offering rare space for gardening, recreation, parking, or future expansion (subject to zoning bylaws). It provides a level of privacy and outdoor utility that is increasingly uncommon in urban settings.
4. What can recent sold prices on the street tell me?
A nearby property at 625 College Avenue sold in mid-2021 for between $305,000 and $335,000. This provides a historical benchmark, but current market conditions, this specific home’s condition, and its larger lot size will be the primary drivers of its present value.
5. Is the living space efficiently laid out?
At 1,362 sqft, the home offers more interior space than many in the area. However, as a one-and-a-half storey character home, the floor plan may differ from modern open-concept designs. Viewing the home is essential to understand how the space flows and meets your needs.