Property Overview
This home at 65 Regal Avenue in Winnipeg's Varennes neighborhood presents a solid, grounded opportunity. Built in 1947, it sits on a generous 5,079 sqft lot and offers 1,165 sqft of living space with a municipal assessed value of $306k. The data reveals a property that is consistently "around average" to "above average" within its immediate context, suggesting a stable and established setting.
Key Characteristics & Appeal
The primary appeal of this property lies in its strong local standing rather than citywide superiority. Its living area is notably above average for both its street and neighborhood, ranking in the top 25%, which means it offers more interior space than many direct comparables nearby. While its assessed value is modest relative to the Winnipeg average, it aligns closely with neighborhood and street values, indicating a fairly priced entry point into the area.
The lot size is a significant asset—larger than most on the street and in Varennes—offering valuable outdoor space that is increasingly rare. The home’s 1947 build date makes it older than most on its street, which could imply a need for updates but also suggests a well-built character home with mature landscaping.
This property would suit a pragmatic first-time buyer or an investor looking for a stable, no-surprises asset in a mature neighborhood. It’s ideal for someone who values space and lot size over a modern build, and who understands that value here is defined by outperforming local benchmarks, not citywide ones. The data suggests a home for a buyer who prefers established communities and sees potential in a property that already holds its own among its closest neighbors.
Frequently Asked Questions
1. How does the assessed value relate to the likely selling price?
The assessed value of $306k is for municipal tax purposes and is typically close to, but not always identical to, market value. It serves as a strong baseline, indicating the home is priced within the established range for Regal Avenue and Varennes.
2. The home was built in 1947. Should I be concerned about major issues?
While the build date is older than the street average, its "around average" ranking for the neighborhood suggests many nearby homes are of a similar vintage. A thorough inspection is essential, but the data doesn’t single it out as an anomaly in an area of older homes.
3. The living area ranks highly locally but only average citywide. What does this mean?
This highlights the neighborhood's character. You are getting more house for the area compared to neighbors, which is a local advantage. The lower citywide average square footage simply reflects that newer suburban homes are typically larger, which is a different market segment.
4. Is the larger-than-average lot a major benefit?
Yes. The 5,079 sqft lot is bigger than most on the street and in Varennes. This provides more private outdoor space, potential for additions or gardens, and is a tangible asset that contributes to the property's value and appeal.
5. What does the "around average" ranking for value on the street tell me?
It indicates stability. The home is not overvalued compared to its immediate neighbors, which can be a positive sign of a fair asking price and less risk of being priced out of the local market. It represents a typical, established property for Regal Avenue.