Property Overview
This 1,016 sqft bi-level home at 361 Collegiate Street in Winnipeg's King Edward neighbourhood presents a compelling mix of modern convenience and established community. Built in 2019, it is a notably newer construction in an area predominantly featuring century-old homes. The property features a renovated basement and sits on a 2,711 sqft lot.
Key Characteristics & Appeal
The primary appeal of this home lies in its balance of being move-in ready while offering value in a central location. Its key characteristic is its age; built just 7 years ago, it ranks in the top 3-4% for year built both on its street and in the wider neighbourhood. This translates to modern building standards, likely greater energy efficiency, and minimal immediate repair concerns compared to its older peers.
Its appeal is rooted in this modern foundation within a mature, walkable area. The assessed value is significantly above average for both Collegiate Street and King Edward, suggesting the market recognizes the premium for a newer, low-maintenance home here. While the living space is comfortably average for the immediate area, it is more compact city-wide, prioritizing efficient use of space over sheer size.
This property would suit first-time buyers or downsizers seeking a modern, manageable home without sacrificing location. It’s also a pragmatic choice for investors or owner-occupants who want to avoid the unpredictable upkeep and renovation projects common with older area homes, preferring predictable costs instead.
Frequently Asked Questions
1. Why is the assessed value so high compared to nearby homes?
The assessed value reflects the property's modern construction (2019) and renovated basement. It is assessed as a newer, updated asset in a neighbourhood where most homes are many decades older, hence its ranking in the top 7-9% locally.
2. What does the "below average" city-wide ranking for living area mean?
At just over 1,000 sqft, this home is smaller than the Winnipeg city-wide average for houses (approx. 1,342 sqft). This highlights its efficient, mid-sized layout, which is actually quite typical and average for the King Edward neighbourhood itself.
3. Is the lack of a garage a common feature in this area?
Yes. The listing indicates no garage, which is a common characteristic for many homes in central, established neighbourhoods like King Edward. Buyers should consider on-street parking or the potential to add a shed or parking pad.
4. How does the land size impact potential for expansion or outdoor space?
The lot is approximately 2,711 sqft, which is average for the street but below the city average. It provides a standard urban yard space. Significant lateral expansions or additions may be limited by the lot size, but deck or garden projects are certainly feasible.
5. The home sold in 2020. What can that price history indicate?
The sold price range from August 2020 provides a historical benchmark. Comparing it to the current assessed value can offer insight into how local property values have trended over the last few years, though market conditions have evolved since that sale.