Property Summary: 429 Melrose Avenue W, Winnipeg
Key Characteristics & Appeal
This is a modest, mid-century home built in 1952, presenting a straightforward opportunity in Winnipeg’s Melrose area. Its primary characteristic is a clear contrast: the living space is quite compact at 624 sq ft, placing it among the smaller homes locally and city-wide. However, the lot is a significant asset at nearly 5,000 sq ft, which is notably larger than many neighbouring properties. This creates a property dynamic centred on land potential rather than existing interior size.
The appeal lies in its affordability and the possibilities offered by its generous lot. With an assessed value that is average for the immediate area but well below the city average, it represents an accessible entry point into the market. It suits a specific type of buyer: a practical first-time homebuyer comfortable with a cozy footprint, or an investor/visionary who sees value in the land itself—whether for future expansion, gardening, or as a long-term hold in a neighbourhood of similarly valued homes. It’s not a turn-key property for those seeking ample indoor space, but a pragmatic base for someone whose priorities are outdoor space and location within budget.
Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The assessed value of $27,900 is for municipal tax purposes. The last known sale was between $200k-$250k in 2020, which is a better indicator of market value. Always consult a current market evaluation.
2. The house seems small. What are the possibilities with such a large lot?
The sizable lot is the key feature. It offers room for significant additions, a large garden, outdoor living space, or future development potential, subject to local zoning bylaws. The value here is more in the land than the current structure.
3. How does the age of the home (74 years) affect things?
A home of this age will likely require diligent maintenance and updates. Prospective buyers should budget for potential repairs to older systems (like plumbing or wiring) and consider a thorough inspection. On the plus side, it sits in an established neighbourhood with mature infrastructure.
4. The rankings show it's "below average" for living area city-wide. How important is that?
It’s crucial to understand your needs. This home provides less than half the average city living space. It’s a critical consideration for families or those who work from home, but may be sufficient for a single person or couple who prioritize other factors.
5. Can I get the exact historical sale price?
The public data shows a range. The listing service notes you can email them to request the precise sale price from their records, which they provide manually without marketing spam.