Property Overview: 920 Lorette Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home is defined by its compact and efficient scale. Built in 1922, it offers 576 square feet of living space on a 2,469 sqft lot, placing it well below average in size for the street, neighborhood, and city. The assessed value of $198k is significantly lower than area averages, reflecting its modest proportions.
Its primary appeal lies in being an accessible entry point into Winnipeg’s Rockwood neighborhood. It suits buyers seeking a lower financial barrier to homeownership, such as first-time buyers, investors looking for a rental property, or those wishing to downsize without leaving a established area. The price point allows for budget flexibility, potentially for updates or as a manageable base in a desirable location. A thoughtful perspective is that a home of this size and era often encourages a simpler, more intentional lifestyle, free from the maintenance and costs associated with larger, newer properties. Its recent sale history suggests it is a transactable asset in its price range.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" or redevelopment property?
While the lot is smaller than average for the area, its value is primarily in the existing structure as affordable housing. Redevelopment potential would be limited by the lot size and would need to be evaluated against local zoning.
2. How does the low assessed value impact property taxes?
A below-average assessed value typically results in below-average property tax bills, which is a tangible financial advantage for the owner.
3. What should I expect regarding updates or maintenance?
As a home built in 1922, prospective buyers should budget for and prioritize a thorough inspection. Systems like plumbing, electrical, and the roof may require attention or modernization.
4. How does the small living area compare to nearby homes?
The home is notably smaller than most in the vicinity. This is a key factor in its pricing and means storage and space planning will be important considerations.
5. Where can I get verified historical sale prices for this property?
The site provides estimated sold price ranges. For exact, verified transaction figures, you must request a manual lookup via email, as this data is not sourced from the MLS.