Property Overview: 716 Melrose Avenue W
Key Characteristics & Appeal
This 892 sqft bungalow, built in 1958, sits on a notably generous 4,895 sqft lot in Winnipeg’s Melrose neighborhood. The home’s primary appeal lies in its land value and established location. While the living space is modest and below the city-wide average, the lot size is significantly larger than those of most immediate neighbors, offering above-average outdoor potential for the area. The assessed value ranks highly within Melrose, suggesting the property is considered a solid asset in its local market context.
This property would suit a practical buyer looking for a foothold in a mature neighborhood, with a vision for the future. It’s a candidate for those comfortable with a home that may require updates, who value a larger yard for gardening, children, or expansion over interior square footage. It also appeals to the value-conscious investor or homeowner who understands that a premium lot in a stable area often forms a strong foundation for long-term value, even if the house itself is a simpler post-war design.
Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The assessed value of $30,500 is for municipal tax purposes. Market value (what a buyer might pay) is determined by recent sales, condition, and demand, and is typically different.
2. The home seems smaller than average. What are the advantages?
The living area is efficient, which can mean lower heating costs and less maintenance. The key trade-off is the larger-than-average lot, which provides valuable outdoor space—a rarity in older neighborhoods—and potential for additions, a garage, or landscaping.
3. What does the "above average" ranking for Year Built mean?
Built in 1958, this home is newer than many on its street and in the Melrose area, where average build years are 1948 and 1947, respectively. This could imply somewhat newer construction materials, systems, or layout compared to many nearby homes.
4. How reliable are the provided past sale price ranges?
The ranges (e.g., Sold 2016: CA$200k–250k) are based on public data estimates. For precise historical sale prices, you must request the exact figures from the provided service, as they verify records manually.
5. What should I consider about a home from this era?
A 1958-built home likely has older major systems (roof, plumbing, electrical, insulation). A thorough inspection is essential to understand the condition and to budget for any necessary updates or modernizations to improve comfort and efficiency.