349 Madison Street

Property Overview: 349 Madison Street, Winnipeg

Key Characteristics & Appeal

This 840 sqft, one-storey home in Kensington stands out for its modern foundation in an established neighborhood. Built in 2018, it is a notably newer construction compared to most homes on its street and in the wider area, which largely date to the 1940s. This suggests modern building systems, minimal immediate repair needs, and energy efficiency. The home sits on a standard-sized lot for the area (approx. 4,450 sqft) and features a renovated basement.

Its primary appeal lies in its compelling value proposition. The home's assessed value ranks in the top 2% locally, indicating it is viewed as a premium property within Kensington and on Madison Street itself. However, recent sale prices suggest it transacts at a point that makes it accessible, especially when compared to the city-wide average home value. This creates an interesting dynamic: you're acquiring a top-tier asset within the immediate community without the premium of a city-wide elite price tag.

This property would suit a first-time buyer or downsizer seeking a modern, low-maintenance home without venturing to the distant suburbs. It’s also a pragmatic choice for an investor looking for a newer property in a stable, central neighborhood, likely appealing to tenants wanting modern amenities. The appeal is less about grandeur—the living space is modest—and more about smart, efficient living in a well-positioned locale.

Frequently Asked Questions

1. Why is the assessed value so high compared to the recent sale price?
The assessed value is exceptionally high for the immediate area, ranking #1 on Madison Street. This typically reflects the property's modern build (2018) and renovated condition compared to its older neighbors. The sale price, while higher than its 2017 sale, aligns more closely with the practical market for a smaller home, creating a perceived value opportunity.

2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the finish or layout. This is a key detail to clarify with the seller or agent to understand if it’s a finished living space, a modern utility area, or includes a legal suite.

3. How does the lack of a garage affect daily living and value?
The property has no garage, which is common for many older Winnipeg neighborhoods. Buyers should consider on-street parking availability and winter implications. The value impact is already reflected in its local market price, keeping it accessible.

4. The home sold for much more in 2024 than in 2017. Is this just market growth?
While the market has appreciated, the significant increase also aligns with the home being newly built in 2018. The 2017 sale was likely for the vacant lot or a pre-construction transaction, making the 2024 price the first true resale of the completed modern home.

5. The living area is below the city average. Is the space practical?
At 840 sqft, the living area is efficient and comparable to many condos, but spread over one storey with a basement. It requires thoughtful space management. The trade-off is gaining a newer, more efficient building without the higher costs associated with larger new constructions.