Property Overview: 361 Melbourne Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a compelling value proposition centered on space and location. Its primary strength is its generous 1,352 sqft living area, which ranks in the top 5-6% for its immediate street and Munroe West neighborhood, offering significantly more interior space than local averages. This is balanced by a below-average assessed value relative to both the area and the wider city, suggesting potential value for a buyer seeking room to grow without a premium price tag.
The appeal lies in this combination of ample living space within a mature, established community. It suits practical buyers who prioritize interior square footage over a large lot or a newer build, as the home is over a century old and sits on a smaller, standard lot for the area. It would be ideal for a first-time buyer needing space for a family, an investor looking for a character property with a value-add opportunity, or anyone seeking an affordable entry into a neighborhood where similarly sized homes typically command higher assessments. A thoughtful perspective is that the lower assessment, while attractive, may also reflect the home’s age and potential need for updates, framing it as a project-ready canvas rather than a move-in-ready showcase.
Section 2: Frequently Asked Questions
1. Why is the assessed value lower than area averages?
The assessed value is below average for the street, neighborhood, and city. This typically reflects factors like the home’s age (built 1923), lot size, and current condition relative to nearby properties. It can indicate a value opportunity but also suggests the home may require modernization.
2. How does the sold price range compare to the assessment?
The home sold recently for an estimated $350k–$400k, which is above its $233k assessed value. This is common, as market sale prices often differ from municipal assessments used for tax purposes. The sale price likely reflects the current market value.
3. What does the "top 5%" ranking for living area mean?
It means this home’s interior square footage is larger than approximately 95% of comparable homes on Melbourne Avenue. This is its standout feature, offering more space than most direct neighbors and homes in the Munroe West area.
4. Are there concerns with a home built in 1923?
Potentially. While offering classic character, a home of this age may have outdated electrical, plumbing, or insulation. A thorough inspection is essential to understand the condition and anticipate any necessary repairs or renovations.
5. How can I get the exact sold price?
The exact sale figure is not publicly displayed on this site. You can request it by email using the provided form, and the service will manually look up and send the verified transaction history.