Property Overview: 708 Atlantic Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-three-quarter storey home, built in 1914, presents a practical opportunity in Winnipeg's Inkster-Faraday area. With 936 square feet of living space and a renovated basement, its size is very typical for the immediate neighborhood and street, though it sits below the city-wide average. The assessed value of $230,000 is notably above average for the Inkster-Faraday community, suggesting the property is in decent condition relative to its local peers, but is well below the average assessed value across Winnipeg.
The primary appeal lies in its positioning as an affordable, functional entry-point into the housing market. The lot, while smaller than most in the city, is a standard size for the area. Recent sale history indicates significant appreciation over the past few years. This property would suit a first-time buyer or an investor looking for a straightforward, no-frills home without the premium of a garage or large lot. Its character is one of modest utility rather than grandeur, offering a chance to own in a neighborhood where the property stands financially above many of its immediate comparables.
Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The home sold for between $24.5k and $27.5k in late 2021, and for a much lower price earlier that same year. The current $230k assessment is significantly higher, reflecting market changes and likely the noted basement renovation. It's important to get an exact sale price and current market evaluation.
2. What does "above average for the area but below average for the city" mean in practical terms?
It means that within the Inkster-Faraday community, this home is financially valued in the top 25%, suggesting it's in better shape than many nearby homes. However, compared to all Winnipeg properties, its value is in the bottom 13%, highlighting its affordability in the broader market context.
3. Are there any concerns with a 112-year-old home?
While the age is typical for the street, a home built in 1914 will require diligent inspection. Potential buyers should pay close attention to the foundation, plumbing, electrical systems, and the quality of the basement renovation to ensure updates meet current standards.
4. The lot is noted as being below average in size. Is this a major drawback?
For this specific neighborhood and street, the lot is actually among the smaller ones. This means lower maintenance but also very limited potential for expansions or additions. Outdoor private space will be modest.
5. How stable is the property value on this street?
The home's value has increased considerably between its two sales in 2021. While this shows positive momentum, buyers should research broader neighborhood trends and factors, as the value is high relative to the area's average. Its long-term stability will be tied to ongoing upkeep and area development.