Property Summary: 658 Mcadam Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on a standard-sized lot in the Jefferson area presents a practical and value-oriented opportunity. Its key characteristic is a recently renovated basement, adding modern, functional space to the 1,032 sqft footprint. The detached garage offers flexible storage or workshop potential.
The appeal lies in its strong relative value within its immediate context. While the living area is modest compared to the city average, the property's assessed value ranks notably above average for both its street and the broader Jefferson area. This suggests it may be perceived as a well-maintained or improved home in its locality. The 1953 build date is also newer than many neighbouring houses, potentially indicating fewer concerns associated with very old construction.
This home would suit first-time buyers or downsizers looking for a manageable, single-level layout with updated essentials. It’s also a sensible fit for value-focused investors or homeowners who prioritize the specific neighbourhood and the potential of a move-in-ready basement over sheer square footage. The property offers a grounded entry point into the market without the premium of a larger or newer city-wide build.
Section 2: Frequently Asked Questions
1. How does the assessed value compare to the likely selling price?
The assessed value ($34.10k) is a municipal figure for tax purposes and is typically far below market value. Recent sold price ranges for this home (e.g., $26.5k-$29.5k in 2016) are also historical and not reflective of current market conditions. A professional appraisal or comparative market analysis is needed to determine today's selling price.
2. Is the living space sufficient for a growing family?
At 1,032 sqft, the living area is below the average for both Jefferson and Winnipeg overall. The renovated basement provides crucial additional space, but the main-floor square footage is compact. It may be best suited for small families, or those comfortable utilizing the basement as primary living space.
3. What does the "above average" ranking for assessed value actually mean?
It means that, compared to similar properties on its street and in the Jefferson area, this home has a higher municipal assessment. This often reflects updates, condition, or desirable lot features. However, it can also lead to proportionally higher property taxes than neighbouring, less-improved homes.
4. Are there any concerns with a house built in 1953?
While newer than many area homes, a 73-year-old house will still require diligent inspection. Key focuses should be the foundation, original plumbing and electrical systems, and the quality/permits of the basement renovation. The roof and windows are also likely nearing or past a typical lifespan.
5. How does the lot size compare and what are the implications?
At 5,399 sqft, the lot is above average for Jefferson, providing good outdoor space. However, it's below the city-wide average. This offers a nice private yard for the area but may not allow for major future expansions like a large addition, depending on zoning bylaws.