Property Overview & Key Characteristics
This one-and-a-half storey home, built in 1912, sits on a notably large lot (3,804 sq ft) in Winnipeg's King Edward neighbourhood. Its key appeal lies in a combination of land value, location, and potential. The property ranks in the top quarter of Winnipeg for lot size and its assessed value is in the top 3% city-wide, suggesting the land itself is a significant asset. The home itself is modest at 864 sq ft with an unrenovated basement, positioning it as a candidate for updates or redevelopment.
Its appeal is primarily for value-driven buyers or investors. It would suit a handy buyer looking for a character home with room to grow on a generous lot, or an investor considering the land's value relative to the existing structure. The historical sale price from 2019 is a fraction of the current assessed value, indicating a substantial shift in perceived worth, which may reflect the lot's development potential or area improvements.
Frequently Asked Questions
1. What does "assessed value" mean in this context?
The assessed value of $140k is the city's valuation for property tax purposes. It is notably high compared to similar-sized homes in the area, often reflecting the underlying land value rather than the current state of the home itself.
2. The house last sold for much less in 2019. Why the large jump?
Such a significant increase between the 2019 sale price and the current assessed value typically points to a major change, such as a rezoning possibility, neighbourhood revitalization, or the recognition of the lot's development potential that wasn't factored into the previous sale.
3. Who is the most likely buyer for this property?
This property is best suited for a buyer whose priority is land size and location over move-in-ready condition. This includes renovators, builders, or investors with a vision for the site, rather than someone seeking a finished home.
4. What are the implications of an unrenovated basement?
An unrenovated basement in a home of this age likely means original foundations, mechanical systems, and insulation. Any renovation would need to start with addressing potential moisture, structural, and code compliance issues, which should be factored into budget planning.
5. How does the lot size compare to nearby properties?
At 3,804 sq ft, this lot is in the top 7% on its street and top 23% in Winnipeg for size. This is a standout feature, offering more outdoor space or future expansion potential than many properties in central neighbourhoods.