Property Overview: 525 Melrose Avenue W
Key Characteristics & Appeal
This home presents a compelling mix of space and value, with its standout feature being the generous 5,998 sqft lot, which ranks in the top 5% for size on Melrose Avenue West. This offers significant outdoor potential, from gardening to expansion, that is uncommon for the street. Built in 1955, the house itself is of average age for the area, with a living area of 864 sqft that is typical for the immediate neighbourhood but below the Winnipeg city average. This suggests a home well-suited for a smaller household, a first-time buyer, or an investor.
Its appeal lies in a strong value proposition within its community. The assessed value is notably above average for both the street and the broader Melrose area, indicating the property is considered a premium holding locally, likely driven by that substantial lot. For the right buyer, this represents an opportunity to own a property with a top-tier land asset in the area, where the value is anchored more in the land than in a large existing structure. It would suit a buyer looking for a manageable home with exceptional outdoor space, or someone with a vision to renovate or expand over time, leveraging the premium lot.
Frequently Asked Questions
1. Why is the assessed value above average for the street if the house is average in size and age?
The primary driver is the lot size. At nearly 6,000 sqft, the land parcel is significantly larger than most on the street, which is a major factor in property assessment and value.
2. Is the below-average living area (city-wide) a concern?
Not necessarily for everyone. The home's footprint is very typical for its specific neighbourhood, which consists of older, character homes. It reflects the scale of the community rather than being undersized for the area.
3. What does the sold price history (CA$250k–300k in 2020) tell us?
It provides a market benchmark from five years ago. Given that the assessed value is now considered above average locally, it indicates a trend of solid value retention or appreciation in this specific location over that period.
4. How should I interpret the "Elite" lot size ranking?
This is a relative strength. It means you are getting a land parcel that is rare and desirable for this specific street, offering more privacy, yard space, and future potential than almost all direct neighbours.
5. Who might this property not suit?
Buyers seeking a large, move-in-ready home with ample interior space may find it limiting. It's better suited for those who prioritize land size over square footage or who are comfortable with a home that may require updates common for its age.