Property Overview & Key Characteristics
This home at 517 Melrose Avenue W presents a compelling mix of space, location, and value. Its primary strength is its generous living area of 1,404 sq ft, which ranks in the top 7% for its immediate street and neighborhood, offering significantly more interior space than most nearby homes. Built in 1941, it is a character home of its era, situated on a standard city lot. The appeal lies in this above-average spaciousness within a well-established area, coupled with a recent sale price point that suggests accessibility. The assessed value is notably lower than the citywide average, which can indicate a different property tax calculation but warrants buyer due diligence.
It would suit a buyer looking for a roomy home in a mature neighborhood without a premium price tag, ideal for those who prioritize interior square footage over a large yard or a newer build. It’s also a sensible option for value-conscious buyers or investors interested in the Melrose area, provided they are comfortable with the maintenance considerations of an older home.
Frequently Asked Questions
1. Why is the living area so much larger than neighboring homes?
The data shows this home's living area is in the top 7% for the street and neighborhood. This suggests it may have been expanded over time or was originally built with a more substantial footprint than others on the block, a key advantage for space-seeking buyers.
2. The assessed value seems low compared to city averages. What does this mean?
The assessed value is for municipal tax purposes and is specific to this property's classification and the local assessment model. It is around average for Melrose but below the Winnipeg average. This doesn't directly dictate market value but can result in relatively lower property taxes, which is a positive for ongoing costs.
3. What should I know about a home built in 1941?
As an 85-year-old home, it offers charm and established neighborhoods but requires a thorough inspection. Key considerations will be the age and condition of major systems like plumbing, electrical, and the foundation, as well as the potential for updates needed for modern efficiency and comfort.
4. How does the recent sale price (2024: $200k-$250k) relate to the assessed value?
The sale price reflects the actual market value paid by a buyer very recently, which is often more current and relevant than the tax assessment. The fact that it sold within this range provides a solid, recent benchmark for the property's market worth.
5. The lot size is below the city average. Is that a concern?
The 3,299 sq ft lot is typical for the Melrose area. While smaller than newer suburban lots, it aligns with the neighborhood character and requires less maintenance. The trade-off is less private outdoor space, but the significant interior space may compensate for that.