Property Overview: 1566 Magnus Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1947, sits on a notably spacious lot of over 5,100 sq ft—a standout feature that places it in the top 6% for land size on its street. The property includes a detached garage and an unrenovated basement, presenting a classic canvas. With a modest living area of 979 sq ft, the home’s primary appeal lies in its land value and potential, rather than in its current footprint or condition.
Its strongest suit is for value-focused buyers or investors. The lot size offers rare potential for expansion, gardening, or future redevelopment in a mature neighbourhood. It would particularly suit a first-time buyer comfortable with a home that needs updating, an investor looking for a property with strong land assets, or someone seeking a manageable house with ample outdoor space. The 2019 sale price of $220k, which was above average for the street at the time, underscores that the market recognizes the value of the parcel itself. A thoughtful perspective here is that this property represents a trade-off: you are acquiring a premium lot with a utilitarian house, making it a strategic purchase for the long term.
Section 2: Frequently Asked Questions
1. What does "above average for land area" actually mean?
It means the 5,147 sq ft lot is larger than 94% of comparable properties on Magnus Avenue. This is the home's most significant statistical advantage.
2. Is the basement finished or usable for storage?
The listing specifies the basement exists but is "not renovated." Buyers should anticipate an unfinished space that may require addressing moisture or insulation as part of any future development plans.
3. How does the assessed value relate to the likely market price?
The municipal assessed value is significantly lower than the 2019 sale price. This is common and reflects different valuation methods; market price is determined by recent sales, demand, and the property's unique attributes like its large lot.
4. What might be less obvious about owning a home from 1947?
While the structure is sound, systems like wiring, plumbing, and insulation may not meet modern efficiency standards. The charm of an older home comes with the responsibility of proactive maintenance and potential updates.
5. Who would this property not suit?
It would not suit buyers seeking a move-in-ready, modern, or spacious interior without renovation work. It’s also less ideal for those who do not wish to utilize or maintain a large yard.