Property Overview
This one-and-a-half storey home on Magnus Avenue, built in 1923, presents a practical opportunity in Winnipeg's Burrows Central neighbourhood. Its key appeal lies in its balance of a renovated basement and a very manageable scale, with a living area of 976 sq ft on a 1,866 sq ft lot. The data reveals a clear story: while the lot size is modest compared to city-wide averages, the property's assessed value ranks well above average for its immediate street and neighbourhood. This suggests it may represent a more affordable entry point into the area, with the potential for value tied more to the structure and its updates than to the land itself. The home last sold in June 2020.
Who It's For:
This property would suit a first-time buyer, an investor, or someone looking for a low-maintenance footprint. Its renovated basement adds functional space, making it viable for someone needing a mortgage helper or extra room without a large overall property to manage. It’s a home for those prioritizing practicality and location within a specific budget over size or a newer build.
Frequently Asked Questions
1. Is the lot size a disadvantage?
While the land area is smaller than many city lots, it also means less exterior maintenance. For the right buyer, this can be a benefit rather than a drawback, offering a manageable yard without the upkeep of a larger property.
2. What does the above-average assessed value for the street indicate?
It typically suggests that the municipal assessment sees the property—likely due to the renovated basement and overall condition—as having more value relative to its immediate neighbours. This can be positive, but it's important to compare this to the actual sale price and recent market activity.
3. Are older homes like this a concern?
Built in 1923, the home will require a diligent inspection. However, its age is actually around the neighbourhood average, meaning local trades may be familiar with common issues and solutions for homes of this vintage.
4. What is the neighbourhood like?
Burrows Central is an established, no-frills neighbourhood. The provided comparable properties show a mix of ages, sizes, and values, indicating a diverse streetscape. Prospective buyers should visit at different times to get a feel for the community.
5. How does the 2020 sale price relate to the current assessed value?
The home sold for $23,700 in 2020, which is slightly below its current assessed value of $24,900. This close alignment suggests stable municipal valuation over that period, but the current market value will be determined by present-day market conditions and the property's state.