Property Overview: 316 Madison Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1945, presents a solid opportunity in Winnipeg's Kensington neighborhood. Its primary appeal lies in its above-average proportions for the immediate area. With 1,286 sqft of living space, it ranks in the top 10% for size on Madison Street itself, offering more room than most neighboring homes. This is complemented by a generous 4,772 sqft lot, which is also larger than most on the street and in Kensington, providing valuable outdoor space and potential.
The home’s assessed value is notably modest compared to the Winnipeg city-wide average, which suggests a more accessible entry point into the market. This combination—more interior and land space than local peers, at a value-oriented assessment—creates a distinct proposition. It would suit a practical buyer looking for a character home with room to grow or customize, who prioritizes lot size and living space within a specific community over a newer build. A thoughtful perspective is that this property represents a "larger fish in a smaller pond," offering the benefits of space and established neighborhood character that can be harder to find at this value point in more uniformly modern areas.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
This is common for older homes in established neighborhoods. The assessment reflects factors like the home's age, construction, and local market values in Kensington, not the soaring averages of newer city developments.
2. What does "above average for the street" really mean for me?
It means that compared to the homes directly around it, this property offers more living space and a larger lot. You're getting a relatively spacious property within its own immediate context, which can be a advantage for privacy, expansion, or outdoor use.
3. Are there any concerns with a home built in 1945?
As with any home of this age, a thorough inspection is essential. While it has stood the test of time, you should budget for potential updates to systems like wiring, plumbing, or insulation to meet modern standards and efficiency.
4. The sold price history shows a range. How can I get the exact figure?
The exact sold prices are not publicly displayed in detail. As noted on the listing, you can request the precise history via email from the service; they provide this data manually without using your contact for spam.
5. What is the significance of having a detached garage?
A detached garage offers flexible utility—it can be used for vehicle storage, a workshop, or additional storage without impinging on your living space. It also presents future potential, though any significant conversion would require proper permits.