Property Overview: 770 Spruce Street, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 770 Spruce Street in the Minto neighbourhood presents a distinct profile defined by its historical roots and practical metrics. Built in 1914, it is a century-old property, making it notably older than most homes on its street and across Winnipeg. This history suggests potential for classic architectural character, but also implies that its condition and updates are critical factors for a buyer.
The appeal lies in its efficient use of space and its position within the local context. With 1,144 square feet of living area, the home is more spacious than many comparable houses on Spruce Street, offering above-average roominess for its immediate area. The lot size of 3,047 sq ft is fairly typical for the Minto neighbourhood, providing a standard urban yard. A key financial point is the home's assessed value of $23,400, which is significantly below the Winnipeg city average. This suggests a potentially lower property tax burden and may indicate an entry point into the market.
This property would best suit a pragmatic buyer who values space over newness. It’s a potential fit for a first-time homeowner comfortable with the maintenance realities of an older house, or an investor looking at the fundamentals of square footage and assessed value within an established neighbourhood. The buyer should be less concerned with having a newer home and more focused on the interior condition, updates, and the value derived from its above-average living area for the street.
Section 2: Frequently Asked Questions
1. What does the assessed value tell me about this property?
The assessed value of $23,400 is used for calculating property taxes. While it is far below the Winnipeg city average, it is typical for the Minto area. This generally points to a lower annual tax cost, but it is not a direct indicator of the home's current market sale price.
2. The home was built in 1914. What should I be concerned about?
Given its age, a thorough inspection is essential. Key focus areas should include the foundation, roof, plumbing, electrical systems (knob-and-tube wiring may be present), and insulation. The quality and extent of any renovations over the years will be a major factor in its condition.
3. How does the living space compare to nearby homes?
At 1,144 sq ft, this home offers more living area than many on its street, where comparable homes average about 983 sq ft. This means you're getting more interior space than most of your immediate neighbours, which is a relative strength in an older neighbourhood.
4. Why is there such a big difference between the sold price history and the assessed value?
The home sold for an estimated $150k-$200k in 2019, which is much higher than its $23,400 assessed value. This is normal. The assessed value for taxes is based on a municipal formula and often lags behind the actual market value determined by what buyers are willing to pay.
5. The lot is smaller than the street average. Is that a drawback?
The lot is 3,047 sq ft, which is somewhat smaller than others on Spruce Street but very close to the average for the wider Minto area. It provides a standard-sized urban yard. For this neighbourhood, it is not an outlier and is a typical plot size.