Property Overview
408 Chelsea Avenue in Winnipeg’s Munroe West neighbourhood presents a compelling mix of established character and strong local value. Built in 1955, this home sits on a generous 5,851 sqft lot, which is notably larger than many in the immediate area. With 854 sqft of living space, the house itself is modestly sized compared to the citywide average but is quite typical for the neighbourhood.
The primary appeal lies in its standout assessed value of $368k, which ranks in the top 3-6% for both its street and the broader Munroe West area. This suggests the property is perceived as a higher-value asset locally, potentially due to its lot size, condition, or specific location. The home last sold in March 2022 for an estimated $400k-$450k.
This property would suit a buyer looking for a established neighbourhood with larger outdoor space, who prioritizes the investment potential and equity of a well-assessed home over sheer interior square footage. It’s a practical choice for a first-time buyer, a downsizer, or an investor seeking a stable asset in a mature community.
Frequently Asked Questions
1. Why is the assessed value so high compared to nearby homes?
The assessment ranks in the top 3% for Munroe West, significantly above the area average. This typically reflects a combination of the above-average lot size, the property's condition, and market valuations for Chelsea Avenue specifically.
2. Is the living space too small?
At 854 sqft, the home is slightly below the average for its street but very close to the average for Munroe West. It offers a more compact, manageable layout suited to individuals, couples, or small families.
3. What does the sold price history indicate?
The home sold in March 2022 within the $400k-$450k range. This historical sale, above the current assessed value, can provide context for market trends and the property’s trajectory.
4. Are there any concerns with a 1955 build?
A home of this age will likely require diligent maintenance and potential updates to major systems like plumbing, electrical, or the roof. A thorough inspection is essential.
5. How does the large lot size benefit me?
The nearly 5,900 sqft lot offers ample outdoor space for gardening, recreation, or future expansion (subject to zoning bylaws), which is a valuable and less common feature in older neighbourhoods.