Property Overview
This one-and-three-quarter storey home on Elgin Avenue in Winnipeg's Centennial neighbourhood presents a distinct opportunity. Built in 1882, it is a piece of local history with a character that newer homes cannot replicate. Its key appeal lies in its generous 2,903 sqft lot—larger than many in the immediate area—paired with a modest but functional 1,315 sqft living space. The property features a detached garage and an unrenovated basement, indicating it is a canvas awaiting customization.
Its value proposition is clear: a lower-than-average assessed value and a recent sale price that reflects its as-is condition. This home would suit a buyer looking for a project, whether that's a gradual renovation to preserve its historic charm or a land-value play in a central location. It’s ideal for a hands-on homeowner, an investor comfortable with renovations, or someone seeking an entry point into the market with the future potential to add value through updates and expansion, leveraging the above-average lot size.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean for this home?
This is a common architectural style for older Winnipeg homes. It typically means the second floor has sloping ceilings (following the roof line) with full-height walls only in the center of the rooms, creating cozy, character-filled bedrooms or attic spaces.
2. The assessed value seems very low compared to the sale price. Why is that?
The assessed value ($13.1k) is for municipal tax purposes and often doesn't reflect current market value, especially for older homes that may have significant renovation needs or unique characteristics. The recent sale price of $170k is a more accurate indicator of its actual market value.
3. What are the implications of the home being built in 1882?
While offering immense character, it necessitates a thorough inspection. Buyers should budget for potential updates to foundational elements, wiring, plumbing, and insulation to meet modern standards. Its historical age, however, contributes to its unique appeal and is a key part of its story.
4. How does the lot size compare practically?
At 2,903 sqft, the lot is larger than many neighbouring properties. This provides valuable extra outdoor space for gardening, entertaining, or future additions like a deck or expanded parking, which can be a significant advantage in a central neighbourhood.
5. The home ranks "below average" for year built city-wide. Is that a concern?
This statistic simply confirms it's one of the older homes in Winnipeg, not a judgment on its condition. For the right buyer, this is a feature, not a flaw. It indicates a well-established neighbourhood and a property with a heritage feel that you cannot find in newer subdivisions.