Property Overview: 1501 Pritchard Avenue, Winnipeg
Key Characteristics & Buyer Appeal
This is a compact, one-storey home built in 1948 on a notably spacious lot in the Burrows-Keewatin neighbourhood. Its primary appeal lies in the land itself—at 4,099 sqft, the lot size is well above average for Pritchard Avenue, offering significant outdoor space and future potential relative to its immediate surroundings. The home is modest, with 700 sqft of living space, and features a detached garage.
The property suits practical, value-oriented buyers. It’s a straightforward candidate for someone seeking an affordable entry into homeownership with room to garden or expand, or for an investor looking for a land-value play with existing rental income. The recent sale price of $23.5k (October 2024) is a fraction of its 2022 sale price, indicating a unique situation—likely a sale of the land without the original structure, or a severely distressed property. This isn’t a move-in-ready family home; it’s a foundational asset. Its value is almost entirely in the lot, appealing to those with renovation plans, development interest, or a tolerance for a project where the house itself may need to be rebuilt or extensively remodelled.
Frequently Asked Questions
1. Why is the recent sale price so low compared to 2022?
The dramatic price difference strongly suggests the property condition changed significantly between sales. The 2024 sale likely reflects the value of the land alone, possibly after the original home was removed or deemed uninhabitable.
2. What can I actually do with a property like this?
Given the large lot and very low assessed value, the most common paths would be building a new home to your specifications, placing a modular home, or holding the land as a long-term investment. It is essential to check all City of Winnipeg zoning bylaws and development standards first.
3. Is this a good investment for a first-time buyer?
It could be, but not in the traditional sense. It’s a low-barrier-to-entry purchase, but you must be prepared for potentially high construction or renovation costs. It’s best suited for a buyer with renovation experience, access to contractors, or a flexible living situation during a rebuild.
4. How does the lot size compare to the area?
The lot is a key strength. It ranks in the top 22% on its own street for size, meaning it’s larger than most direct neighbours. This provides more privacy and options than typical lots on the block.
5. What should I check before considering an offer?
A thorough title search is crucial to understand any liens or encumbrances. You must also verify the current state of utilities and services to the lot, and commission a professional review of all local zoning regulations, setback requirements, and any necessary demolition or building permits.