Property Overview: 382 Seven Oaks Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1922, presents a straightforward opportunity in Winnipeg's Jefferson neighbourhood. With 1,122 sqft of living space, its size is typical for the area. The home features a basement (not renovated) and a detached garage.
Its primary appeal lies in its accessibility. The assessed value is notably below average for the street, area, and city, indicating a potentially lower entry point. This is a property that trades premium features for practicality. It suits a specific buyer: those seeking a functional starter home, an investor looking for a rental property with fundamentals in place, or a hands-on buyer who values a lower initial cost over move-in-ready condition. The recent sale in late 2024 suggests a refreshed market valuation.
A less obvious perspective is the lot size. At 2,499 sqft, the land area is compact, even compared to nearby homes. This translates to lower maintenance and could be a benefit for those seeking a simpler yard. The home's age (over 100 years) means character is likely present, but it also firmly places it in the "classic Winnipeg" category, requiring a buyer comfortable with the upkeep of a century-old structure.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed value is for municipal tax purposes and is influenced by many factors, including home condition, specific location, and lot size. Here, the compact lot and the home's age and condition contribute to an assessment that is below average for comparable properties city-wide.
2. What does "basement, not renovated" typically imply?
This usually indicates a functional but unfinished or partly finished basement. It likely provides essential utilities and storage space but would require investment to modernize or convert into living space. It offers potential but not immediate finished square footage.
3. Who would this property be a good fit for?
It's best suited for first-time buyers prioritizing budget, investors seeking a rental property, or handy purchasers who see value in a home they can update over time. It's less suited for those seeking a large yard or a turn-key, modernized home.
4. The home sold recently in late 2024. What does that mean for me?
A recent sale provides a clear, current market price benchmark. It indicates the home was deemed acceptable to a buyer at that price point very recently, offering a solid reference for its present market value.
5. What are the main trade-offs with this home?
You are trading space and modern updates for affordability and location. You gain a lower price point in an established neighbourhood but accept a smaller lot, an older home requiring ongoing maintenance, and a basement that may need work to reach its full potential.