Property Overview: 493 Chelsea Avenue, Winnipeg
Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous lot. Built in 1930, the 697 sqft house is compact and older than most in the area, reflected in its below-average assessed value of $245k. The standout feature is the 5,850 sqft land area, which is notably larger than many lots on its street and in the Munroe West neighbourhood. This creates a clear opportunity: the property offers a lower entry point into the market, with the land representing a significant portion of the asset.
Its appeal lies in its potential. It suits a practical buyer who sees beyond the current structure—perhaps a first-time buyer comfortable with a cozy footprint, an investor eyeing future redevelopment, or a homeowner who prioritizes expansive outdoor space over a large interior. It’s a property for those who view the house as a starting point and the land as the long-term advantage.
Frequently Asked Questions
1. Is the low assessed value a concern?
Not necessarily. It primarily reflects the home's smaller size and age compared to area averages. The assessment is in line with similar-valued properties citywide and can mean a relatively lower property tax burden.
2. What does the large lot size actually allow?
While specific bylaws must be verified, a lot of this scale in an established neighbourhood often provides flexibility for substantial additions, garden suites, or simply extensive private outdoor living space that is hard to find in newer subdivisions.
3. How does the sold price history from 2020 relate to today’s value?
The prior sale in the $150k-$200k range is a historical data point from five years ago. Market conditions have shifted since, and the current assessed value offers a more recent, though not market-based, valuation benchmark.
4. The home is older—what should I be most mindful of?
A 96-year-old home will likely require diligent maintenance and updates to major systems like wiring, plumbing, and insulation. A thorough inspection is essential to understand the condition behind the vintage charm.
5. How reliable is the comparative data provided?
The rankings offer a helpful snapshot of how this property compares to nearby and city-wide averages for key metrics. For precise, verified sales figures and a complete transaction history, you must request a manual lookup from the site, as they do not publish MLS data.