Property Overview
This home at 333 Pandora Avenue W in Winnipeg's Melrose neighbourhood presents a distinct profile defined by a significant contrast. It is a modest, century-old house on an exceptionally large lot. The 720 sqft living space is notably smaller than most homes in the area, while the 9,721 sqft land parcel is among the largest, ranking in the top 1% within Melrose. Built in 1912, the house carries a very low assessed value of $27,500, which is around average for the immediate vicinity but far below the Winnipeg city average. It last sold between $300k-$350k in 2019.
Key Characteristics & Appeal
The primary appeal of this property lies in its land. The lot size is a rare find, offering immense potential for expansion, gardening, or future redevelopment in a mature neighbourhood. The house itself is a compact, no-frills dwelling, likely requiring updates given its age. This creates a clear value proposition: you are purchasing land with an existing, functional structure.
This property would best suit a specific type of buyer: a hands-on individual or investor with a vision. It's ideal for someone looking for a footprint to build or substantially renovate a home, or for a buyer prioritizing private outdoor space over interior square footage. It could also appeal to an investor viewing it as a long-term land hold. The low assessed value suggests correspondingly low property taxes, which is a practical advantage.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sold price?
The assessed value is for municipal tax purposes and often doesn't reflect market value, especially for unique properties. The low assessment likely reflects the age and size of the home itself, not the development potential of the large lot, which is what a buyer pays for.
2. What does the "Elite" ranking for land area mean?
This means the property's lot size is in the top 1% of all 557 comparable properties in the Melrose area. It's a standout feature that makes this property unusual in its neighbourhood.
3. Is the house livable in its current state?
While the data doesn't specify condition, the home's age (114 years) strongly suggests that significant maintenance, updates, or inspections (e.g., wiring, plumbing, foundation) will be necessary. It should be considered a project.
4. How can the last sale price be so high with such a small, old house?
The 2019 sale price reflects the market value of the combined asset: the land and the existing house. In this case, the premium is almost certainly for the development potential and rarity of such a large lot in the city.
5. What are the main considerations before purchasing?
Key considerations are your budget for potential renovations or rebuilding, a clear understanding of local zoning bylaws for what can be built on the lot, and thorough inspections to understand the true condition and needs of the existing structure.