Property Overview: 374 Berry Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Berry Street in the King Edward neighbourhood presents a classic Winnipeg opportunity centred on land and location. Built in 1928, its 715 sqft living area is notably compact, ranking below average for size both locally and city-wide. The basement exists but is unrenovated. A key asset is the 5,318 sqft lot, which is significantly larger than many in the immediate area, offering ample outdoor space and future potential.
The primary appeal lies in its position as an affordable entry point into the market, underscored by a modest assessed value. It suits practical, value-oriented buyers such as first-time homeowners comfortable with a smaller footprint, or investors looking for a land-hold property with a existing rental unit. Its true value is less about the current condition of the home and more about the possibilities the generous lot affords—whether for expansion, gardening, or long-term redevelopment. It’s a property that asks the buyer to see potential beyond the existing walls.
Section 2: Frequently Asked Questions
1. Is the price reflective of the home's condition?
Likely, yes. The assessed value and historical sold prices are well below city averages for a house. This typically aligns with a property that requires modernization or significant updates, as hinted by the unrenovated basement.
2. What are the real advantages of such a large lot?
Beyond extra yard space, a larger lot in an established neighbourhood is a long-term asset. It provides flexibility for additions like a garage, workshop, or garden suite (subject to zoning), and can be a key factor in the property's future resale or redevelopment value.
3. Who would this home not suit?
It may not suit those needing move-in-ready condition, more interior space, or modern amenities without undertaking renovations. Families requiring multiple bedrooms or more immediate living space might find it too compact.
4. How does the King Edward neighbourhood impact this property?
King Edward is a central, mature neighbourhood. The property's metrics suggest it's a very typical home for the area in terms of age and value, offering a stable, no-frills location rather than an up-and-coming investment hotspot.
5. The sold price history shows a wide range. What does that mean?
The listed price ranges from public data indicate the property has traded at values significantly below the average Winnipeg home. This volatility can be common for smaller, older homes where specific condition, timing, and buyer motivation greatly influence the final price. It underscores the importance of a professional inspection to understand the exact value proposition.