Property Overview: 1029 Magnus Avenue
Key Characteristics & Appeal
This is a modest, one-and-a-half storey home built in 1929 on a standard city lot in Burrows Central. Its primary appeal lies in its affordability and value as a straightforward entry point into the Winnipeg market. The home offers 886 sqft of living space and includes a basement, though it is noted as not being renovated. There is no garage or pool.
The property’s standout characteristic is its land value. While the lot is smaller than average for the city, its assessed value ranks highly compared to most Winnipeg properties, suggesting the land itself represents a significant portion of the asset. This presents a clear opportunity for buyers comfortable with a project, whether that’s a future renovation, an addition, or simply securing a home with a solid underlying land value. It suits first-time buyers, investors looking for a hold property, or those seeking a low-maintenance footprint without a large mortgage. The recent sale price indicates a market value significantly above the assessment, reflecting this potential.
Frequently Asked Questions
1. What does "not renovated" for the basement imply?
It typically means the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates to flooring, walls, or mechanical systems and anticipate a pre-inspection to assess its condition.
2. How does the small lot size affect future plans?
While the lot is smaller than many in Winnipeg, it is consistent with the neighbourhood. It's suitable for the existing home and modest outdoor space, but may limit possibilities for large additions or detached structures without careful planning and permits.
3. The assessed value is $190k, but it sold for $208k. Why the difference?
Municipal assessments for tax purposes often lag behind current market values, especially in active markets. The sale price reflects what a buyer recently paid based on demand, condition, and the property's potential.
4. What type of ongoing maintenance should be expected with a 1929 home?
While systems may have been updated over time, a home of this age requires attention to its original structure. Prospective buyers should prioritize inspections for the foundation, roof, wiring, and plumbing to understand upcoming upkeep.
5. Who are the typical neighbours or buyers in this area?
Burrows Central is an established neighbourhood with a mix of long-term residents and new homeowners. The property’s scale and price point make it attractive to practical buyers seeking community and affordability over luxury finishes.