Property Overview & Key Characteristics
This one-storey home at 321 Ferry Road in Winnipeg's King Edward neighbourhood presents a compact, no-fuss living option. Its primary appeal lies in its affordability and straightforward layout, anchored by a renovated basement that adds functional space. At 680 sqft, the living area is notably smaller than most homes in the city, but this translates to a very low assessed value, making it one of the most accessible price points in the market. The detached garage and a decently-sized lot for the area are practical assets.
The home suits first-time buyers seeking an entry into homeownership with minimal financial overhead, or investors looking for a manageable rental property. Its smaller scale also appeals to those looking to downsize or who prefer a low-maintenance lifestyle. A thoughtful perspective is that this property represents a pure value play on land and location, where the existing structure is simple enough to be adapted or expanded over time by a buyer willing to invest sweat equity. Its age (built in 1918) suggests character, but also means systems and structure should be carefully evaluated.
Frequently Asked Questions
1. Is the house too small?
At 680 sqft, it is significantly smaller than the Winnipeg average. It’s best suited for individuals, couples, or those who prioritize efficient living and low utility costs over spaciousness. The renovated basement effectively adds usable space.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's smaller size, age, and the comparative values in its immediate area. It positions the property in the bottom third of its local market, which is the core driver of its affordability.
3. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the extent or quality. Buyers should inquire about the permits, finish quality, ceiling height, and whether it includes a separate entrance or legal suite potential.
4. How does the recent sale history inform the current value?
The home sold in September 2022 for an estimated range of $21.5k-$24.5k, which is close to its current $19.3k assessment. This suggests a stable, low-value market for the property, but current conditions and the exact sale price should be verified.
5. What are the major considerations with a home from 1918?
While the structure has stood for over a century, key considerations include the age and condition of the foundation, roof, plumbing, and wiring. The potential for historical charm comes with the responsibility of maintaining an older home, though a recent basement renovation may have addressed some issues.