Property Overview: 650 Alexander Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home, built in 1907, presents a practical opportunity in Winnipeg's Centennial neighbourhood. Its key appeal lies in its balance of historic charm and updated utility, underscored by a renovated basement. With 1,240 sqft of living space, the home offers above-average roominess for its immediate street and is situated on a 2,606 sqft lot.
The property’s strongest suit is its value proposition. It recently sold for $100k, a price point significantly below both city and many local averages. This makes it a notable entry point into the market. It would suit a first-time buyer, an investor looking for a rental property, or a hands-on individual who appreciates a home with character and is comfortable with the maintenance considerations of an older structure. The appeal is grounded in practicality rather than luxury—it’s a home with functional space and modernized essentials (the basement), offered at an accessible price in an established area.
A less obvious perspective: The home’s age (1907) places it well below the average year-built for its street, which could mean it possesses unique architectural details lost in later builds. Conversely, its very low assessed value suggests it’s viewed as a foundational property, offering the new owner a chance to build equity through care and incremental updates.
Section 2: Frequently Asked Questions
1. What does "renovated basement" typically include?
While specifics should be verified, a listing noting a renovated basement generally indicates finished living space, likely with updated flooring, walls, and lighting. It’s important to check the quality of the renovation, ensure it meets code, and confirm whether it’s damp-proofed, as moisture can be a concern in older homes.
2. With no garage, what are the parking options?
The property has no garage. Parking would be dependent on on-street permits. Buyers should confirm availability and any associated costs or restrictions with the city.
3. The sale price is far below the city's average assessed value. Why?
Assessed value is for municipal tax purposes and doesn't always equal market value. The sale price reflects the market's valuation of this specific, older home with its lot size and location. It indicates the home is likely priced as a "value-add" or entry-level property.
4. How does the age of the home affect insurance and maintenance?
Homes from 1907 often have higher insurance premiums due to factors like older electrical or plumbing systems. Maintenance can also be more frequent and potentially costly. A thorough inspection is crucial to understand the condition of the roof, foundation, and major systems.
5. Is the land size a pro or a con?
At 2,606 sqft, the lot is smaller than the Winnipeg average but is quite typical for the Centennial area. It provides manageable outdoor space for a garden or patio with less upkeep than a large yard, but offers limited potential for expansions like a large addition or a future garage, subject to zoning.