Property Overview
This is a compact, post-war home built in 1947, situated on a notably generous lot in Winnipeg's Melrose neighbourhood. Its key appeal lies in the significant contrast between its modest 690 sqft living space and its larger-than-average 5,099 sqft land area. With an assessed value significantly below the city average, it presents as an entry-point opportunity. The home would suit a practical first-time buyer, an investor looking for a land-value play, or a hands-on individual willing to renovate or expand. Its value is grounded more in its land potential and location than in its current structure, making it a project-oriented purchase rather than a move-in-ready solution.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state as a smaller, older home. It is assessed based on its existing structure and use, not its potential redevelopment value, which is why it sits well below the city's average for homes.
2. Is the small living area a major drawback?
It depends on your needs. For a single person, couple, or investor, it can be a manageable and efficient space. The more notable point is that the large lot provides a rare opportunity to potentially expand the home or redevelop the land in the future, which is uncommon for properties at this price point.
3. What does the "Top 17%" ranking for Land Area on its street mean?
This statistic indicates that this property's lot size is larger than 83% of the comparable lots on Regent Avenue W. It highlights that the parcel of land is a standout feature for the immediate area, offering more outdoor space or future potential than most of its neighbours.
4. The home last sold between 2023-2025. What does the sold price range tell me?
The public price range (CA$200k–250k) gives you a recent market benchmark. To understand the exact sale price and any potential price changes since, you can request the precise figure from the listing service, which they provide manually via email.
5. What are the less obvious factors to consider with a home from 1947?
While the mechanical systems and structure should be professionally inspected, a thoughtful perspective is to research the neighbourhood's development trends. A larger lot in an established area can be a long-term asset, but it's wise to understand any local zoning bylaws or heritage considerations that might affect future renovation or expansion plans before purchasing.