Property Overview: 221 Melrose Avenue W
Key Characteristics & Appeal
This home is a practical, early 20th-century property built in 1918, offering 913 square feet of living space on a 2,860 sqft lot. Its primary appeal lies in its position as a modest, entry-level home in a mature neighbourhood. The data suggests it is a smaller, older, and more affordable option compared to most homes in Winnipeg, but it holds its own within its immediate Melrose area, where its living space is close to the local average.
The property would suit first-time buyers or investors seeking an affordable foothold in the market, with a clear understanding that it may require updates. It also appeals to those who prefer a smaller, lower-maintenance lot and home without the premium price of a larger, newer property. A thoughtful perspective is that this home represents the character and history of its neighbourhood, potentially offering a simpler living footprint in a well-established community, which can be a specific lifestyle choice rather than just a budget compromise.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics—its smaller size, older age, and modest lot—compared to the broader Winnipeg market, which includes many larger, newer homes. It reflects the home's value within its own tier of the market.
2. What does the sold price history indicate?
The home sold between $200,000 and $250,000 in 2023. This recent sale provides a concrete market benchmark, showing it transacts at a price point significantly below the city's average home value, consistent with its assessment.
3. How does this home compare to its direct neighbours?
The home is generally below the street and area averages for lot size, year built, and assessed value. However, its living area is very close to the average for the Melrose area, indicating the homes nearby are of a similar, comfortable scale.
4. What should I consider about a home built in 1918?
While offering classic charm, a home of this age will likely have older systems (like plumbing, electrical, and insulation). A thorough inspection is essential to understand the condition and potential need for upgrades or maintenance.
5. Is the smaller lot size a disadvantage?
It depends on your priorities. A smaller lot means less outdoor maintenance, which can be a benefit for those seeking a low-maintenance lifestyle. However, it offers less space for expansions, large gardens, or private outdoor recreation compared to larger city lots.