Property Overview
This 840 sqft bungalow at 256 Gilmore Avenue in Winnipeg's River East neighborhood presents a specific value proposition. Built in 1968, its key characteristic is a below-average living area for both its street and neighborhood, paired with an assessed value ($311k) that is also below local averages. However, it sits on a 5,719 sqft lot that is above average for Gilmore Avenue, offering a generous outdoor space relative to many immediate neighbors. The appeal lies in this land-to-structure ratio, providing a lower-priced entry point into the area with potential for expansion, gardening, or outdoor living. It would best suit first-time buyers, downsizers, or investors seeking a land-value play who are comfortable with a home that may require updates and are prioritizing lot size over interior square footage. A thoughtful perspective is that its "below-average" metrics compared to nearby homes could represent a relative discount in a stable area, with the lot offering a tangible asset that newer infill properties often lack.
Frequently Asked Questions
1. Why is the assessed value below the neighborhood average?
The assessed value reflects the home's smaller living area and older construction date compared to many homes in River East. The valuation appears to be closely tied to the existing structure's size and condition, with the lot size being a positive but not overriding factor in the assessment.
2. Is there potential to expand or rebuild on this lot?
The lot size is a significant feature, being above average for the street. This does create potential for a future addition or redevelopment, subject to all City of Winnipeg zoning bylaws, setback requirements, and permit approvals. A buyer should investigate these specifics before purchasing with expansion in mind.
3. How does the lack of sales history affect understanding its value?
Without recent public sales data for this specific address, value is primarily benchmarked against its assessed value and comparable nearby listings. Obtaining exact sales figures for similar homes on the street, which can be requested from the site, would provide a clearer market picture.
4. What does the "below average" living area ranking mean for daily life?
It confirms the home's interior is compact. For some, this means efficient, low-maintenance living. For families or those needing more space, it may feel constrained. The trade-off is the larger outdoor space, which can functionally extend the living area in warmer months.
5. Are the property taxes likely to be lower?
Typically, a lower assessed value results in lower municipal property taxes compared to higher-valued homes in the same area. However, the final tax bill is determined by the City's mill rate, so while likely lower, it cannot be precisely calculated from assessment alone.