Property Overview
This one-and-a-half storey home at 388 Madison Street in Winnipeg's Kensington neighborhood is a property defined by its context and potential. Built in 1918, it offers 936 sqft of living space on a 3,694 sqft lot, with no basement, pool, or garage.
Key Characteristics & Appeal
The primary appeal of this home lies in its position as an accessible entry point into the established Kensington area. Its assessed value is notably below average for the street, neighborhood, and city, suggesting a lower property tax burden and an opportunity for buyers focused on location over size or modern finishes. The living area is comfortably aligned with the neighborhood average, making it a practical, no-frills space.
Its charm is for a specific buyer: someone seeking a straightforward, character home who is comfortable with a property that requires updates and lacks modern amenities like a basement or garage. The lot size, while below average for the street, is typical for Kensington, offering manageable outdoor space. A thoughtful perspective is that this property represents the "bones" of a neighborhood—a chance to own a piece of its history with the understanding that its value is heavily tied to the land and location rather than the current structure. It suits first-time buyers, downsizers, or investors looking for a hold-and-renovate project in a central community.
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 the home's age, size, condition, and features. The significant difference here reflects the home's modest size, vintage, and lack of modern amenities compared to the broader Winnipeg market.
2. What does "no basement" mean for storage and mechanical systems?
Without a basement, storage space will be limited to the main living areas and possibly an attic. The furnace, water heater, and other mechanical systems are likely housed on the main floor, which can affect living space layout and noise levels.
3. How does the sold price history from 2020 relate to today's value?
The 2020 sale price provides historical context but may not reflect current market value due to significant market changes over the past five years. It's best used as a data point alongside recent comparable sales.
4. What are the implications of the "below average" rankings for lot size and year built?
A smaller, older lot on the street may mean closer proximity to neighbors and less room for expansion. The 1918 build date indicates potential for character details but also a higher likelihood of aging components (like plumbing or wiring) needing attention.
5. Who would benefit most from requesting the exact sold price history?
Serious buyers or their agents who are compiling a detailed offer strategy would benefit most. Knowing the exact past sale price helps in understanding the property's financial history and the seller's potential equity position.