Property Overview: 925 Alfred Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1941, situated on a standard-sized lot in Burrows Central. Its key characteristic is its modest 543 sqft living area, which is notably smaller than most homes on the street and across the city. The property includes a basement, but it is not renovated, and there is no garage or pool.
The primary appeal lies in its land value and affordability. The lot size is around average for the immediate area, offering potential for future expansion or outdoor space in a central location. With a recent sale price and assessed value significantly below city averages, this property represents a very accessible entry point into the Winnipeg market. It suits buyers with a clear vision for renovation or expansion, or investors looking for a land-value play. It would also be a practical fit for a minimalist buyer or someone seeking the lowest possible carrying costs, with the understanding that the existing living space is minimal and will require updates.
A less obvious perspective is that its smaller size and unrenovated state could be an advantage for a buyer intending a significant rebuild or addition, as there is less existing structure to work around or remove. Additionally, its "around average" metrics on the street for land and value suggest it fits the local context, rather than being an outlier, which can provide neighbourhood price stability.
Frequently Asked Questions
1. What does "basement, not renovated" typically mean?
It indicates the basement exists but is in original or unfinished condition. Buyers should budget for any desired improvements and anticipate the need for inspections regarding moisture, foundation, and mechanical systems common to homes of this era.
2. The living area is very small. Is there room to expand?
The lot size is standard for the area, providing space for a potential addition or a more comprehensive rebuild, subject to local zoning and building bylaws. The existing small footprint is a constraint, but the land offers options.
3. Why is the assessed value so much lower than the city average?
Assessed values are based on market value for taxation. This valuation reflects the home's smaller size, age, and condition relative to the broader Winnipeg market, which includes many newer and larger homes.
4. How does the recent sale price compare to the past?
The property sold for $15,400 in July 2024, which is significantly lower than its previous sale of $130,000 in 2019. This substantial difference should be clarified with a real estate professional to understand the specific circumstances of the recent transaction.
5. What is the neighbourhood like?
Burrows Central is an established, older neighbourhood. The provided data shows homes here generally have smaller lots and are older than the city average, suggesting a mature community with more affordable housing stock.