Property Overview: 585 Elgin Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-three-quarter storey home, built in 1882, presents a classic character home opportunity in Winnipeg's Centennial neighbourhood. Its primary appeal lies in its value proposition and potential. With a modest 1,080 sqft of living space and an unrenovated basement, it is not a move-in-ready modern showpiece. Instead, it attracts attention for its below-average assessed value and its larger-than-average city lot (3,224 sqft), which offers room for expansion or outdoor projects.
The home suits specific buyer types: first-time buyers or investors looking for an entry point into the market, or hands-on owners who see value in a historic property and are prepared for a renovation project. Its recent sale price of $150k (August 2023) underscores its position as an affordable option. A thoughtful perspective for this property is to view it not just as a house, but as a parcel of land with a historic structure—its value is tied as much to the lot's possibilities and the neighbourhood's future as it is to the current condition of the home.
Section 2: Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common architectural style in older Winnipeg homes. It typically means the second floor has sloped ceilings (following the roof line) and potentially dormer windows, creating full but sometimes cozier rooms compared to a true two-storey.
2. The assessed value is $120k, but it sold for $150k. Why the difference?
Municipal assessed value is for tax purposes and can lag behind the current market. The sale price reflects what a buyer was recently willing to pay, which can be influenced by market demand, the condition of the home, and the perceived value of the lot.
3. What are the implications of the home being built in 1882?
It offers classic charm but necessitates careful inspection. Buyers should budget for potential updates to older mechanical systems (like wiring or plumbing) and investigate the foundation and structure. Original features may exist but likely require restoration.
4. The lot is larger than average for the street. What does that allow?
The 3,224 sqft lot provides a valuable buffer of outdoor space in an established neighbourhood. This could allow for a larger garden, addition, garage, or deck than might be possible on a standard lot, offering future flexibility.
5. How does the unrenovated basement affect the living space?
An unrenovated basement typically means concrete floors and walls, with exposed mechanical systems. It provides essential utility space and storage but does not add formal living area. Finishing it would be a project that could significantly increase the home's functional space.