Property Overview: 517 Collegiate Street, Winnipeg
Key Characteristics & Appeal
This one-storey home, built in 2018, is a notably modern property within the established King Edward neighbourhood. Its primary appeal lies in its contemporary construction, offering a move-in-ready foundation with less immediate concern for the major repairs or updates often needed in older area homes. With 939 sqft of living space, it provides comfortable, efficient accommodation for individuals, couples, or small families.
The home’s value proposition is contextual. Its assessed value ranks above average for King Edward, reflecting its newer condition. However, the lot size is modest, especially compared to the Winnipeg city-wide average, which may appeal to buyers seeking lower exterior maintenance. The property suits first-time buyers looking for a modern, low-maintenance home in a central location, or investors attracted by the combination of recent build quality and the neighbourhood's steady rental market. A thoughtful perspective is that this home offers a balance: you acquire a newer building but on a more traditional, compact city lot, providing a blend of modern convenience and neighbourhood character without the upkeep of a large yard.
Frequently Asked Questions
1. How does the property’s age compare to others in the area?
The home was built in 2018, placing it in the top 5% for year built within both the immediate street and the broader King Edward neighbourhood, where the average home was built around 1948.
2. What is the typical price history for this home?
Based on available data, the home sold previously in 2017 and 2019. The sold price in 2019 ranked above the average for similar properties in the area at that time.
3. Is the lot size a concern?
The land area is approximately 2,713 sqft, which is around average for Collegiate Street but below the city-wide average. This translates to less yard maintenance, which can be a benefit for some buyers, but may not suit those desiring extensive outdoor space.
4. What is the home’s condition likely to be?
As an 8-year-old build, major structural systems (roof, furnace, etc.) are typically still within their expected lifespan, potentially reducing near-term capital costs compared to a century-old home. The basement exists but is noted as not renovated.
5. How does its value hold up in different comparisons?
The assessed value is above average for the King Edward area but ranks as around average when compared city-wide. This suggests the property is valued appropriately within its immediate, older neighbourhood context due to its modern build.