Property Overview: 477 Collegiate Street, Winnipeg
Key Characteristics & Appeal
This one-storey home in King Edward presents a unique value proposition centered on its land. Built in 1938, the 760 sqft living space is compact and below average for the area, but it sits on an exceptionally large lot of over 5,400 sqft—a standout feature that ranks in the top 2% on its own street. The home includes a renovated basement and a detached garage.
Its primary appeal lies in this land-to-structure ratio. For the price of a modest, updated starter home, you are securing a parcel of land that is increasingly rare in the city core. This isn't just a house; it's a property with significant future potential. The assessed value is average for the immediate neighborhood, suggesting the current price reflects the home's condition and size rather than a premium for the lot, which could be seen as an opportunity.
This property would suit a practical, forward-thinking buyer. It's ideal for a first-time homeowner comfortable with a cozy footprint who views the land as a long-term asset, or for an investor/developer who recognizes the underlying value of the lot for future expansion or redevelopment. It’s less suited for those seeking ample, move-in-ready interior space without future projects in mind.
Frequently Asked Questions
1. Is the house too small for a family?
The 760 sqft living area is compact. It could work for a small family, especially with the renovated basement providing additional space, but it requires efficient use of space. The large yard, however, offers significant room for children to play.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the finish or layout. This is a key detail to clarify with the selling agent to understand if it’s a finished living space, a modern utility area, or something in between.
3. Why is the assessed value so much lower than the city-wide average?
The city-wide average assessment includes all property types and sizes across Winnipeg. This home’s assessment is in line with similar-sized, older homes in the King Edward area. The assessed value typically reflects the current built structure, not the full development potential of the lot.
4. What is the potential of the large lot?
The oversized lot (5,426 sqft) is the property's defining feature. It offers ample space for a large garden, outdoor living, and significant expansion. In the long term, it may also have redevelopment potential, subject to local zoning regulations.
5. How does the last sold price (2022) relate to the current asking price?
The home sold for an estimated $25.5k-$28.5k in mid-2022. Comparing this to the current asking price will indicate market movement. However, any renovations completed since 2022 and broader market conditions will influence the current valuation.