Property Overview: 254 Ferry Road, Winnipeg
Key Characteristics & Appeal
This is a classic one-and-three-quarter storey home built in 1912, presenting a straightforward opportunity in Winnipeg's King Edward neighbourhood. Its key appeal lies in its proportionally large, approximately 5,000 sqft lot, which is notably above average for both the immediate street and the broader area. This offers valuable outdoor space and potential in a city where lot size often dictates future opportunity. The home itself, with 936 sqft of living space, is modest and in line with the scale of older homes in the neighbourhood. It features a detached garage and an unrenovated basement, indicating a property that is functional but awaits modernization.
The home suits practical, value-oriented buyers. It would appeal to a first-time buyer comfortable with a project, an investor looking for a character home with a strong land-to-structure ratio, or someone seeking an affordable entry into a central neighbourhood. Its assessed value sits below area averages, suggesting a potentially lower entry point. A thoughtful perspective is that while the home's age and size place it below citywide averages for newer builds, its generous lot in an established area offers a tangible asset that newer subdivisions often lack. It’s a property where the land may hold more inherent value than the current structure.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common architectural style for Winnipeg homes of this era. It typically means the second floor has full-height ceilings at the centre, with sloped ceilings under the eaves in the side rooms, creating cozy, character-filled bedrooms.
2. The assessed value seems very low compared to the sold price ranges shown. Why?
Municipal assessed values in Manitoba are for tax purposes and are often significantly lower than market value. They should not be used as a direct indicator of sale price. The recent sold price history provides a more accurate picture of current market value.
3. What are the implications of an unrenovated basement?
This indicates the basement is in original or functional condition but hasn't been modernized. It likely has lower ceilings, basic finishes, and may require attention to insulation, moisture control, or updating. It represents both a cost consideration and a blank canvas for future development.
4. How does the lot size benefit a buyer?
The larger-than-average lot provides more private outdoor space, better potential for landscaping or gardening, and increased flexibility for future additions, a garage upgrade, or even subdivision, subject to city zoning bylaws. It's a long-term asset.
5. Can I get the exact historical sold prices?
Yes, the exact sold prices are available by request. You can provide your email to the listing service to receive the precise figures manually, as they are not published directly on the site to ensure data accuracy.