Property Summary: 120 Traverse Avenue, Winnipeg
Section 1: Overview & Appeal
This home at 120 Traverse Avenue in Norwood East is a classic, compact property built in 1921. Its key characteristic is its modest scale, with a living area of 724 sqft that is notably smaller than most homes in the area and across Winnipeg. This is reflected in its assessed value of $251k, which sits below the local and city averages, presenting a more accessible price point for the neighborhood.
The appeal lies in its efficiency and potential. It suits first-time homebuyers, downsizers, or investors seeking an entry into a well-established neighborhood without the premium for larger square footage. The lot size, while below the neighborhood average, is fairly typical for the immediate street. A thoughtful perspective is that a smaller, well-maintained home can offer lower utility costs, less maintenance, and a cozier footprint, which is increasingly valued. Its sale history suggests it may be a candidate for gentle modernization, appealing to those looking to add value through thoughtful updates rather than a full-scale renovation.
Section 2: Frequently Asked Questions
1. Is the smaller living space a significant drawback?
It depends on your needs. The home is significantly smaller than area averages, which means efficient use of space is essential. For a single person, couple, or someone downsizing, it can be perfectly adequate. For a growing family, it may feel cramped.
2. Why is the assessed value below average?
The assessed value is closely tied to the home's smaller size (both the building and the lot) compared to peers. It's a reflection of its physical scale rather than necessarily its condition, placing it in a more affordable tier for Norwood East.
3. How does the age of the home (105 years) factor in?
The year built is actually around average for this specific street and neighborhood, meaning you're buying into a historic character area. This typically suggests potential for original charm but also warrants a thorough inspection for aging components like plumbing, electrical, and the foundation.
4. What can the 2019 sale price tell me?
The previous sale in the $150k-$200k range (exact price available upon request) indicates the property has likely appreciated. Comparing that to the current $251k assessment can help gauge market trends, but an exact current market value requires a professional appraisal.
5. Are the lot size and rankings a concern?
The lot is slightly smaller than others in Norwood East but is quite standard for Traverse Avenue itself. This typically means smaller outdoor maintenance but may limit expansion possibilities. The rankings show you're getting a typically-sized property for the immediate block.