Property Overview: 427 Melrose Avenue E
Key Characteristics & Appeal
This home presents a distinct profile defined by its contrasts. Its primary appeal is the generous living space of 1,243 sq ft, which ranks in the top 14% for the street and top 13% for the broader Melrose area, offering more room than most nearby comparables. This makes it a practical choice for those seeking space without a sprawling footprint. However, this comes within a 1918-built character home on a modest 2,700 sq ft lot, which is smaller than most in the neighbourhood and city. The assessed value is notably below average at all comparison levels, suggesting a potentially accessible entry point into the market.
The property would suit a pragmatic buyer who values interior space over a large yard and is comfortable with the maintenance considerations of a century-old home. It’s a fit for someone looking at the fundamentals of square footage and price within a mature neighbourhood, rather than modern finishes or expansive outdoor space. A thoughtful perspective is that its below-average valuation against its above-average living area could indicate an opportunity, but also warrants a close look at the condition and updates needed for a home of its age.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed value is for municipal tax purposes and is influenced by many factors, including the home's age, lot size, and recent sales in the area. This home's older age, smaller lot, and specific market conditions in Melrose contribute to its assessment being below the Winnipeg average.
2. What are the considerations with a home built in 1918?
A home of this age often possesses character but may require careful attention to aging components like wiring, plumbing, insulation, and the foundation. Potential buyers should prioritize a thorough inspection to understand the condition and any needed updates.
3. The living area is above average, but the lot is below average. What does this mean?
This typically indicates a home that utilizes its lot efficiently, possibly with a larger footprint or multiple stories. It’s a trade-off: you get more interior space but less private outdoor area compared to neighbours.
4. How reliable are the sold price ranges shown?
The ranges are based on publicly available data. For the exact historical sold price, you must request it via email, as the company manually verifies and provides this detail to ensure accuracy.
5. What does the "rank" and "top X%" data actually tell me?
It shows how this property compares to specific groups of "comparable homes." For example, ranking in the "Top 14%" for living area on its street means 86% of comparable homes on Melrose Avenue E have less living space. It’s a contextual benchmark, not a quality grade.