Property Overview: 188 Martin Avenue W, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1948, presents a practical opportunity in Winnipeg's Chalmers neighbourhood. Its key appeal lies in a balance of above-average space and a below-average price point relative to the wider city. With 1,152 sqft of living area, the home is notably larger than many comparable properties on its street and in the immediate area. It also sits on a standard city lot of approximately 3,168 sqft. A significant feature is the renovated basement, adding functional living space. There is no garage or pool.
The property’s assessed value of $250,000 is significantly below the Winnipeg city average, highlighting its accessibility. However, its last recorded sale was for $23,100 in 2017, indicating a major reassessment or unique circumstance that requires verification. This discrepancy is a critical point for investigation.
This home would suit first-time buyers or practical investors looking for a character home with updated fundamentals (the basement) in an established neighbourhood. It’s a property for those who value interior space over extravagant lots or new builds, and who are prepared to delve into the specifics of its valuation history.
Frequently Asked Questions
1. Why is there such a large gap between the 2017 sale price ($23,100) and the current assessed value ($250,000)?
This is the most important question to address. Such a discrepancy often indicates a data entry error, a sale between family members at a nominal price, or a sale that included only a portion of the property (e.g., a land transfer). Consulting with a real estate agent to obtain the full land title history is essential.
2. What does "renovated basement" specifically mean?
The listing notes a renovated basement but provides no details. It’s crucial to ask for specifics: Was it a cosmetic update or a structural renovation? Does it include legal egress, proper ceiling height, and moisture control? Permits should be verified.
3. How does the lack of a garage affect daily life and property value in this area?
Given the Winnipeg climate, off-street parking is a valuable asset. Buyers should assess on-street parking availability, consider the cost and feasibility of adding a driveway or garage, and understand how this impacts resale value compared to other homes in Chalmers.
4. The home is "above average" for its street in size and year built. What does the surrounding neighbourhood feel like?
While the house itself compares well on its block, it’s wise to research the broader Chalmers area. Look into community amenities, transit links, and the mix of well-kept versus dated properties to gauge overall neighbourhood appeal and investment trajectory.
5. What are the typical utility and maintenance costs for a home of this age?
A house built in 1948 may have older windows, insulation, and mechanical systems (like the furnace or plumbing) even with a renovated basement. Requesting recent utility bills and considering a thorough inspection for these aging components is a prudent step.