Property Overview
This is a modest, century-old home on a standard city lot in Winnipeg's Burrows Central neighbourhood. Its primary appeal lies in its land value and affordability, presenting a clear opportunity for a specific type of buyer.
Key Characteristics & Ideal Buyer
The home itself is small at 528 sqft, with an unrenovated basement and no garage, reflecting its 1912 origins. The appeal is not in the existing structure but in the underlying value: a 3,547 sqft lot in an established area at a very accessible price point. The recent sale price is significantly below both the citywide and local averages for homes.
This property suits a practical, value-driven buyer. It could be an entry point for an investor or homeowner willing to live in it while planning a future rebuild, or for someone seeking a low-cost holding property for the land itself. It is less suited for those seeking a move-in ready home or established neighbourhood prestige. A thoughtful perspective is that its low footprint and taxes might appeal to someone seeking minimalist living, provided they are prepared for the necessary updates and maintenance of an older home.
Frequently Asked Questions
1. Why is the sale price so much lower than the assessed value?
The assessed value accounts for both the land and the structure. The sale price likely reflects the market's view of the current condition and usability of the existing home, placing the value primarily on the land.
2. What are the main considerations for renovating a home from 1912?
Key considerations include updating foundational electrical and plumbing systems, checking for knob-and-tube wiring, assessing the condition of the foundation and floor structure, and ensuring proper insulation. The unrenovated basement will require a thorough inspection.
3. Is the lot size suitable for building a new home?
At just under 3,550 sqft, the lot is a standard Winnipeg size and is certainly buildable. You would need to consult current zoning bylaws for specific requirements regarding setbacks, floor area ratios, and building coverage.
4. How does this property compare to others on the street and in Burrows Central?
The home is older and smaller than most on its street and in the wider area. However, its lot size is fairly typical for Manitoba Avenue and is actually slightly larger than the neighbourhood average, reinforcing the notion of value in the land.
5. What is the neighbourhood like for future investment or living?
Burrows Central is a long-established, no-frills residential area. Its central north Winnipeg location offers connectivity. Future value would depend on broader neighbourhood trends and specific property improvements, rather than high-end amenities.