Property Overview: 164 Horace Street, Norwood East, Winnipeg
Key Characteristics & Appeal
This is a substantial, century-old home built in 1907, offering significant space and a large lot in the established Norwood East neighbourhood. Its key characteristic is its impressive scale: at 2,420 sqft of living area, it ranks in the top 1-3% for size compared to nearby homes and across Winnipeg. The property sits on a 4,026 sqft lot, providing ample outdoor space. While it features a basement, it is noted as not being renovated, suggesting the home may require updates or present an opportunity for customization.
The appeal lies in its rarity as a large, character home on a generous lot, a combination that is increasingly hard to find in mature neighbourhoods. It suits a specific type of buyer: those looking for a project with good bones, whether it's a hands-on renovator aiming to restore a historic property to modern standards, or a buyer seeking a spacious family home where they can prioritize interior updates over time. The significant difference between its last sold price in 2022 ($57.5k) and its current assessed value ($54.4k) also indicates it may attract value-conscious buyers or investors interested in the area's long-term potential.
A less obvious perspective is that its age and size, while charming, come with considerations. Its construction year ranks very highly (top 3-4%), meaning it is notably older than most homes in the city, which can imply specific maintenance needs. However, this also means it possesses a historic character that newer builds cannot replicate.
Frequently Asked Questions
1. What does "basement, not renovated" typically imply?
This usually indicates the basement is in original or functional condition, but not modernized. It may be suited for storage and utilities but likely lacks finished living space, insulation, or updated moisture protection common in newer renovations.
2. The home sold for $57.5k in 2022 and is now assessed at $54.4k. What does this mean?
The assessed value is the city's valuation for property tax purposes, which can differ from market value. The recent sale price provides a more concrete market benchmark. The slight variance suggests a relatively stable value in the area, but a professional appraisal would be needed to determine current market value.
3. Who is responsible for verifying the condition of a 119-year-old home?
The buyer is responsible for conducting their own due diligence. For a home of this age, a thorough inspection by a qualified home inspector is essential to understand the condition of the foundation, wiring, plumbing, roof, and structure.
4. The lot is large, but are there any restrictions on its use?
Any plans for additions, new structures, or significant alterations would require checking with the City of Winnipeg’s zoning bylaws and planning department to understand permissible uses, heritage designations (if any), and setback requirements.
5. The home ranks very highly for size but low for year built. How should I weigh this?
This highlights the core trade-off of this property. You are acquiring above-average space and land, but in a well-aged structure. Your comfort and budget for potential updates, maintenance, and energy efficiency improvements will be key factors in deciding if this trade-off is right for you.