Property Overview & Key Characteristics
This one-storey home on a generous 3,298 sqft lot in Archwood presents a straightforward opportunity. Built in 1926, its key characteristic is its modest 580 sqft living area, which ranks it among the smaller homes in the city. The property features a detached garage and an unrenovated basement. Its appeal lies in its land size, which is above average for the street, and its location within a well-regarded neighbourhood. The data shows a significant increase in value between its 2019 and 2021 sales.
This home would suit a buyer looking for a lower-priced entry into the Archwood area, potentially as a long-term hold with land value potential. It’s a candidate for a full-scale renovation or rebuild, appealing to investors, builders, or handy purchasers comfortable with a project. The modest living space makes it less suitable for those needing immediate move-in readiness or more room without significant investment.
Frequently Asked Questions
1. Why is the living area so small compared to the lot size?
This is typical of many older Winnipeg homes, where the footprint was originally modest. The large lot relative to the house size is often seen as an asset for future expansion, adding a garden, or simply enjoying more outdoor space.
2. What does "unrenovated basement" imply?
It typically means the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates to flooring, lighting, and possibly moisture management, and should anticipate an inspection to clarify its condition.
3. The assessed value is much lower than the last sale price. What does that mean?
Municipal assessed value for taxation purposes often lags behind market value. The 2021 sale price of $220k is a more current indicator of what the market was willing to pay, though conditions can change.
4. Who might be interested in a home like this?
Beyond first-time buyers, it could attract an investor looking for a property with strong redevelopment potential due to the lot size, or a homeowner planning a custom renovation or addition who wants to start with a favourable land-to-structure ratio.
5. How does this property compare to others in Archwood?
The data shows it has a larger-than-average lot for the street but a smaller and older-than-average house. This creates a unique value proposition: you’re paying more for the location and land potential than for the existing structure.