Property Overview
This home at 524 Regent Avenue W in Winnipeg's Melrose neighbourhood presents a distinct value proposition centered on its generous lot. Built in 1953, the 770 sqft house is compact, but it sits on a significantly larger-than-average parcel of land at 6,398 sqft. This creates a unique balance: the living space is modest and below average for the area, while the property's assessed value is typical for its immediate surroundings but represents a more accessible price point city-wide. Its last known sale was between $200k-$250k in 2019.
Key Characteristics & Appeal
The primary appeal of this property lies in its land. The lot size is in the top 7% on its own street and top 6% in the Melrose area, offering substantial outdoor space and potential that is uncommon for the neighbourhood. This makes it an ideal candidate for buyers with a vision for expansion, gardening, or outdoor living. The house itself is a smaller, post-war bungalow, suggesting lower utility costs and simpler maintenance, but likely requiring updates to suit modern tastes.
This home would best suit a practical, value-oriented buyer. It's a strong fit for a first-time homeowner willing to renovate or expand over time, an investor looking for a property with "sweat equity" potential due to the large lot, or anyone who prioritizes private outdoor space over a large interior. It’s less suited for those seeking immediate move-in condition or above-average square footage.
Frequently Asked Questions
1. Is the $29,200 assessed value the sale price?
No. The assessed value is for municipal tax purposes only. The market sale price is determined by current conditions and was last in the $200,000-$250,000 range in 2019.
2. The house seems small. Is there room to expand?
The below-average living area is balanced by the above-average lot size. This discrepancy is the property's key feature, as the large 6,398 sqft lot provides a clear opportunity for a future addition, garage, or extensive outdoor amenities, subject to local zoning and permits.
3. How does this property compare to others nearby?
It has a smaller house but a much larger lot than most neighbours. Its assessed value is typical for Melrose, but you are primarily paying for land potential rather than finished living space compared to area averages.
4. What should I consider about the year it was built (1953)?
Homes from this era often have solid construction but may require updates to electrical, plumbing, or insulation. A thorough inspection is recommended to budget for any necessary modernizations or repairs common to houses of this age.
5. Why is the city-wide assessed value ranking so different?
The assessed value is "below average" city-wide because the average Winnipeg home is valued significantly higher. This highlights that the property offers an entry point into the city’s market, with its value being more aligned with and competitive within its specific local community of Melrose.