Property Overview
This 1977 four-level split at 1022 Alfred Avenue presents a compelling opportunity in Winnipeg's Burrows Central neighbourhood. Its primary appeal lies in its strong relative value and above-average footprint compared to its immediate surroundings. The home sits on a generous 4,379 sqft lot, which is notably larger than most on its street and in the area. With 1,406 sqft of living space, it offers more room than approximately 95% of homes in Burrows Central. A key characteristic is its detached garage and existing, unrenovated basement, presenting a canvas for future customization.
The home would particularly suit value-conscious buyers looking for "more house" in a mature neighbourhood, or investors seeking a property with solid fundamentals and potential for equity growth through updates. Its standout feature is its assessed value of $310k, which ranks in the top 1% on its street and top 4% in the neighbourhood, suggesting a strong underlying property value relative to nearby homes, many of which are much older and smaller. A thoughtful perspective is that this property represents a middle ground—it's newer than most in the area, yet it retains value potential through modernization, offering a balance of established neighbourhood character and future opportunity.
Frequently Asked Questions
How does the sale price compare to the assessed value?
The home sold for $350,000 in July 2024, which is above its $310,000 assessed value. This indicates the market price exceeded the city's valuation at the time of sale.
Is the land size a major advantage here?
Yes. The lot is over 4,300 sqft, placing it in the top 11% on Alfred Avenue. This is a significant differentiator, as many neighbouring properties sit on smaller, older lots, offering more outdoor space and potential.
The basement is noted as "not renovated." What does that imply?
This means the basement is functional but in its original or older condition. It presents an opportunity to finish or update the space to modern standards, adding both living area and value, but will require investment.
How does the year built (1977) compare to nearby homes?
It is significantly newer. Many comparable listings in the area are from the early 1900s. Built in 1977, this home is in the top 9% newest on its street, potentially meaning fewer concerns associated with very old infrastructure.
What does the "Elite" ranking for assessed value in the neighbourhood mean?
It means this home's city-assessed value is higher than about 96% of homes in Burrows Central. This typically reflects a combination of its larger lot, newer age, and greater living area compared to the neighbourhood's predominantly older, smaller housing stock.