Property Overview: 427 Brooklyn Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1947, presents a solid opportunity in Winnipeg's King Edward neighbourhood. Its primary appeal lies in a combination of generous land and efficient living space. The property sits on a notably large lot (4,597 sq ft), ranking in the top 3% on its street, which offers ample outdoor potential and a sense of space uncommon for the area. The living area (1,120 sq ft) is comfortably above average for both the immediate street and the neighbourhood, suggesting a well-proportioned home.
The house features a detached garage and a basement that is present but not renovated, indicating a property that is functional yet holds potential for customization. Recent sale history shows consistent value appreciation, with the latest sale in early 2025 commanding a price in the top 5-7% for the street, pointing to strong demand for homes with these attributes in this location.
This property would suit a practical buyer looking for a character home with a sizable yard, possibly a first-time homeowner, an investor, or someone seeking a project. It’s ideal for those who value land size and location over a modern, turn-key finish, and who see potential in the existing structure and the unrenovated basement. The above-average metrics within its immediate context suggest it's a standout property on its block, offering more space than its closest neighbours.
Frequently Asked Questions
1. What does "above average for the street/neighbourhood" actually mean for a buyer?
It means that compared to similar homes directly around it, this property offers more living space and a significantly larger lot. This can provide better privacy, outdoor space, and potential for additions or landscaping than is typical for the area.
2. The assessed value seems low compared to recent sale prices. Why is that?
Municipal assessed value for tax purposes often lags behind current market values, especially in a moving market. The recent sale price is a more accurate reflection of its present worth, indicating buyers are willing to pay a premium for its specific lot size and characteristics.
3. Who would a "not renovated" basement suit?
It suits buyers comfortable with a functional, unfinished space for storage, laundry, and utilities, or those who want to customize a renovation to their own taste and budget. It’s a blank canvas rather than a liability.
4. Given its age, what should be prioritized in an inspection?
While the roof, foundation, and electrical systems are standard checks, special attention should be paid to the plumbing and heating systems original to a 1947 build, as well as the condition of the detached garage.
5. Is the large lot more of an advantage or a maintenance burden?
This depends on the buyer's lifestyle. It's a clear advantage for gardening, play space, or future expansion. However, it does require more time and cost for upkeep (lawn care, snow clearing) compared to a standard city lot.