Property Overview
This one-storey home at 505 Matheson Avenue in Winnipeg's Jefferson neighbourhood presents a specific and practical value proposition. Its key appeal lies in the balance between a modest, renovated living space and a significantly larger-than-average lot for the area. Built in 1931, the 848 sqft house sits on a 6,011 sqft parcel of land, which ranks in the top 22% for lot size on its own street. The home features a renovated basement and a detached garage.
The property suits first-time buyers, downsizers, or investors seeking an entry point into the market with a focus on land potential rather than extensive finished living space. Its assessed value is around average for Jefferson, suggesting a stable, no-frills investment. The appeal here is less about the home's size—which is below city averages—and more about the opportunity the lot provides for expansion, gardening, or outdoor living in a well-established community. It’s a property where the land is the standout asset, offering future flexibility.
Frequently Asked Questions
1. Is the house move-in ready?
The listing notes a renovated basement, suggesting some updates. However, as a 1931 build, prospective buyers should budget for potential updates to main-floor systems and should seek a thorough inspection.
2. Why is the assessed value relatively low compared to the city average?
The assessed value reflects the home's smaller size and older age relative to the broader Winnipeg market. It is, however, aligned with averages for the immediate Jefferson area, indicating it is priced appropriately for its local context.
3. What are the real advantages of the larger lot?
Beyond simple outdoor space, a lot size that's above average for the street and neighbourhood provides rare potential for additions, a larger garage, or landscaping projects that wouldn't be possible on standard lots nearby. It's a long-term advantage.
4. How does the sold price history help determine value?
The listed sale in late 2017 (in the $18.5k-$21.5k range) shows a significant price point from several years ago. This historical data is most useful for understanding market trajectory rather than setting a current price, which is better reflected by the more recent assessed value and comparable listings.
5. Who might this property not suit?
Buyers looking for a large, modern living area without renovation projects may find this home too compact. Its appeal is targeted towards those who see value in the land and are comfortable with a cozy, older character home.