Property Summary: 338 Newton Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This 1964-built home in Margaret Park presents a compelling opportunity centered on its land. The standout feature is the 6,201 sqft lot, which ranks in the top 4% for size on Newton Avenue, offering substantial outdoor space uncommon for the area. With 1,082 sqft of living space, the house itself is functionally sized and sits on a street where its assessed value is notably above average (top 11%), suggesting it is a well-regarded property in its immediate context.
The primary appeal lies in the balance between a solid, established home and the significant potential of its generous lot. It suits buyers looking for a foothold in a stable neighbourhood who value space for gardens, recreation, or future expansion over a brand-new build. It’s particularly suited to those who see value in a property that already stands out on its street for its lot size and perceived value, offering a foundation to customize both the home and the landscape.
Section 2: Frequently Asked Questions
1. How does the sold price from 2022 relate to the current assessed value?
The home sold for an estimated $400k-$450k in 2022, which is significantly higher than its current assessed value of $35.5k. It’s important to understand that in Manitoba, assessed value for tax purposes is not an indicator of market value. The prior sale price is a much more relevant gauge of its actual market worth.
2. What does the "above average" assessed value for the street actually mean?
While the assessed value is not a market price, ranking in the top 11% on its street indicates that, for property tax purposes, this home is considered more valuable than most of its immediate neighbours. This often reflects factors like lot size, condition, or improvements relative to nearby homes.
3. The lot size is elite for the street, but how does the house size compare?
The living area (1,082 sqft) is around the average for Newton Avenue. This highlights a key characteristic: you are purchasing a home with a very large lot but with a house of standard size for the area. The value proposition is heavily weighted toward the land.
4. Is the 1964 build date a concern?
The year built is around average for the street, city, and neighbourhood. While not a new home, its age is typical for the area. A pre-purchase inspection would be essential to understand the condition of major systems like roof, wiring, and plumbing common to homes of this era.
5. What is the neighbourhood context of Margaret Park?
The provided data shows that for key metrics like lot size and assessed value, this property performs better within its immediate street and Margaret Park neighbourhood than it does in the wider city comparison. This suggests it is a strong property within a localized context, making understanding the specific streets and amenities of Margaret Park particularly important.