Property Overview: 221 Royal Avenue, Winnipeg
Key Characteristics & Buyer Appeal
This is a compact, one-storey home built in 1917, situated on a modest lot in the Jefferson neighbourhood. Its key characteristics are defined by its position as a more affordable entry point into the market. The living space is 700 sq ft, which is notably smaller than area averages, and it features a detached garage and an unrenovated basement. The home’s assessed value of $200K is significantly below local and city-wide averages, reflecting its size, age, and condition.
The primary appeal lies in its price point and lot ownership. It represents a rare opportunity for budget-conscious buyers, such as first-time homeowners or investors, to gain a foothold in the market without a large mortgage. The very low sale prices in recent years (in the $14K-$17K range) suggest it may be suited for a cash purchase or a minimal loan, significantly lowering the barrier to entry. It would suit a hands-on buyer comfortable with a project, whether as a live-in renovation opportunity or a rental property. A less obvious perspective is its potential as a "land bank" play; while the lot is smaller than average for the area, it still holds inherent value in a city where land is appreciating, offering long-term options for redevelopment or holding.
Frequently Asked Questions
1. Why is the assessed value so much higher than the recent sold prices?
The assessed value is an estimate for taxation purposes, often based on broader market trends and formulas. The recent sold prices are likely more accurate reflections of the property's actual market value given its specific condition, size, and the potential need for significant investment.
2. What does "basement, not renovated" typically imply?
This usually indicates a foundational space that is functional but dated. Buyers should anticipate an older layout, likely with original finishes, mechanical systems (like the furnace or wiring), and possibly moisture concerns common in century-old homes. It represents both usable space and a future project.
3. Who is this type of property most suitable for?
It is best suited for a very budget-focused buyer, such as an investor looking for a rental property with low acquisition costs, or a first-time homeowner with renovation skills willing to live in and gradually improve the space. It is less suitable for those seeking move-in-ready comfort or ample room.
4. How does the small lot size impact the property?
While the land area is smaller than most in the city, it provides manageable outdoor space with lower maintenance. However, it may limit expansion possibilities or the addition of larger structures like a new garage, which is an important consideration for future plans.
5. The sold price history shows very low figures. Is this accurate?
The listed price ranges are based on available public data. Such low figures are uncommon for a standard house and strongly suggest the property is being sold in "as-is" condition, likely requiring substantial repairs or updates. Requesting the exact sold price history via the provided email service is recommended for precise financial planning.