Property Overview: 107 Edward Avenue W, Winnipeg
Key Characteristics & Buyer Appeal
This home presents a distinct value proposition centered on its price point and location. Its key characteristic is its compact size, at 725 square feet of living space, which is notably smaller than most homes on its street, in the Radisson neighborhood, and across Winnipeg. Built in 1916, it is a century-old property in an area where most homes are decades newer. The assessed value of $225k is significantly below local and city averages, reflecting these factors.
The primary appeal lies in its accessibility as an entry point into the Winnipeg market. It suits first-time buyers or investors seeking a lower-cost acquisition with the potential to add value through updates. Its smaller scale also means lower utility costs and less maintenance. A thoughtful perspective is that a home of this age and below-average size in a neighborhood of predominantly mid-century houses offers a unique character and story, potentially appealing to a buyer looking for a project or a cozy, efficient footprint rather than a standard modern layout.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighborhood average?
The assessed value reflects the home's smaller living area, older age, and smaller lot size relative to most properties in Radisson and Winnipeg. These characteristics place it in a different segment of the market compared to larger, newer homes.
2. What should I consider due to the home's age (built in 1916)?
While offering charm, a home from this era may have outdated mechanical systems (like plumbing or electrical), insulation, and building materials. A thorough inspection is essential to understand the condition and potential need for updates or repairs.
3. Is the smaller living area a major drawback?
It depends on your needs. The size offers affordability and efficiency but requires thoughtful use of space. It may not suit those needing multiple bedrooms or ample storage. Reviewing the floor plan is crucial to see if the layout works for your lifestyle.
4. How does the sold price range (CA$150k–200k) compare to the assessment?
The recent sold price falling below the $225k assessment suggests the market priced in the home's specific condition and features at the time of sale. It highlights that assessment value is an estimate for taxation, not a direct indicator of market value.
5. What are the advantages of the lot size?
At just under 3,400 sqft, the lot is smaller than average but still provides outdoor space. This can be a positive for those who want a yard but prefer less landscaping maintenance. It may also indicate a more modest property tax bill relative to homes on larger lots.