Property Overview
This 1929 one-storey home on a 3,299 sqft lot in St. Matthews presents a specific and compelling opportunity. Its key appeal lies in the value of the land and location rather than the size of the dwelling. With a living area of just 508 sqft, the existing house is among the smallest in Winnipeg, suggesting its primary value is as a footprint for significant renovation or future redevelopment. The lot size ranks in the top tier for the street and neighbourhood, offering ample outdoor space uncommon in central areas. The property suits a buyer looking for a central Winnipeg location in a well-established neighbourhood, who is either comfortable with a very compact living arrangement, planning a major renovation to expand the footprint, or considering the long-term land value. It’s a practical entry point into the market for a minimalist, an investor, or a builder, with the understanding that the existing structure is likely more of a starting point than a finished home.
Frequently Asked Questions
1. Is this a "tear-down" property?
While the home is livable, its exceptionally small size and age indicate that its highest and best use may be a substantial expansion or complete redevelopment. The lot's strong rankings for size and location support this perspective.
2. Why is the assessed value so much lower than nearby homes?
The assessed value is primarily based on the existing structure's size and condition. Compared to similar-sized lots on the same street with larger, renovated homes (see 427 Simcoe), the value is significantly lower, highlighting the potential value gap for a buyer who can improve the property.
3. What are the real costs of owning a home this small?
While property taxes and utility costs may be lower due to the small size and low assessment, potential buyers should budget for updates to essential systems (plumbing, electrical, insulation) common in a home of this age, which can be proportionally high relative to the home's total value.
4. Is the neighbourhood undergoing change?
The provided comparisons show a mix of well-renovated homes and more modest properties on the same street, suggesting an area in transition. This can represent an opportunity for value growth but also means neighbouring properties may be under construction.
5. Who would this property not suit?
It is not ideal for a buyer seeking a move-in ready, standard-sized family home without a major renovation budget. The compact living space requires a minimalist lifestyle, and any expansion project would require significant time, financing, and planning.