517 Alfred Avenue

Property Overview: 517 Alfred Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This home is a renovated bi-level with a detached garage, situated on a generously sized 3,003 sqft lot in the William Whyte neighbourhood. Its key appeal lies in the combination of updated living space—notably a renovated basement—and the rare find of a large urban lot, which offers valuable outdoor space and potential. Built in 1905, the character of its era is balanced with modern improvements.

The property’s standout feature is its land. The lot size ranks in the top 11% across all of Winnipeg, making it a significant asset in the city core. This isn't just about a backyard; it's about future flexibility, whether for gardening, expansion, or simply enjoying more private outdoor room than is typical. The recent renovation of the basement adds immediate functional living space without the need for a major project.

This home would suit a practical buyer looking for a move-in-ready foundation with room to grow. It’s ideal for a first-time homeowner who values both indoor updates and outdoor potential, or an investor who recognizes the inherent value of a large, serviced lot in the city. The consistent sale price history also suggests a stable, established value in the area.

Section 2: Frequently Asked Questions

1. What does the "renovated basement" entail?
The listing confirms the basement has been renovated, but specifics on finish quality, ceiling height, permits, and moisture control should be verified through a viewing and inspection. A renovated basement adds valuable living space but understanding the scope is key.

2. How does the age of the home (1905) affect it?
While the home has historic character, its age means attention should be paid to the condition of core elements not mentioned as renovated, such as the foundation, original plumbing or electrical updates, and the roof. Its age is a significant part of its charm but warrants thorough due diligence.

3. The assessed value seems low compared to past sale prices. Why?
Municipal assessed value is for tax purposes and often lags behind market value. The consistent sale history at $120k is a stronger indicator of its market worth. The low assessment can actually be a benefit, resulting in relatively lower property taxes.

4. What is the neighbourhood like?
William Whyte is a central, established neighbourhood. The listing shows the property ranks in the middle of the pack for the street and area in terms of metrics like living area and assessed value, suggesting it fits the local context. Prospective buyers should visit at different times to gauge the community feel.

5. What are the implications of such a large lot?
The lot size is a major asset. Beyond a bigger yard, it may offer potential for additions, subject to zoning bylaws. It also likely means less perceived crowding from neighbours. However, a larger lot can also mean more maintenance, so consider your willingness for upkeep.