Property Overview: 348 Melbourne Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a distinct value proposition centered on space efficiency within a well-established neighbourhood. Its key characteristic is a living area (1,067 sq ft) that is notably larger than many immediate comparables on its street and in the Munroe West area, ranking in the top 25%. This suggests a home that may offer more functional interior space than the typical bungalow or cottage in the vicinity.
The primary appeal lies in its assessed value of $208,000, which is significantly below average for the street, neighbourhood, and city. This creates a potentially lower entry point into homeownership. The trade-off is an older home (built in 1914) on a smaller, standard lot. This profile suits practical, value-conscious buyers such as first-time homeowners who prioritize interior square footage over a large yard or modern construction. It may also appeal to investors or renovators who see potential in the spacious interior and are prepared to manage updates to an older structure. A thoughtful perspective is that this property represents a specific choice: opting for more house on the inside, while accepting an older vintage and a more modest lot size relative to the area.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring homes?
The assessed value is based on factors including the home’s age (1914), lot size, and market conditions. Being one of the older homes on the street with a smaller lot contributes to this valuation, which can mean a lower property tax burden.
2. What does the "above average" living area ranking mean for me?
It indicates that for Munroe West, this home offers more interior space than about 75% of comparable properties. This is a key advantage if you need room but are working within a budget constrained by the lower assessed value.
3. Are there any recent sale prices for this exact home?
Public records show it sold between $150,000-$200,000 in April 2019. For fully verified and exact historical sale figures, a manual lookup via the site’s email request service is needed, as MLS data is not displayed here.
4. What should I consider with a home built in 1914?
While offering character, a home of this age will likely require careful attention to foundational, electrical, and plumbing systems. A thorough inspection is essential to understand the condition and potential update costs, which should be factored into your budget.
5. How does the smaller lot size impact the property?
The lot is 3,299 sq ft, which is smaller than many in the area. This means less outdoor maintenance but also limited space for expansions, large gardens, or extensive outdoor recreation. It’s a practical, lower-maintenance yard space.