Property Overview: 268 Larsen Avenue, Winnipeg
Key Characteristics & Buyer Appeal
This one-and-a-half storey home, built in 1917, presents a practical opportunity centered on its location and lot. Its primary appeal lies in its position within the Chalmers neighbourhood, where it holds above-average rankings for both living area (1,112 sq ft) and land size (3,300 sq ft) compared to immediate neighbours. This suggests a relatively spacious interior and yard for the area. The home features a detached garage and an unrenovated basement, indicating a property that is functional but awaits modernization.
The profile suits value-conscious buyers looking for a foothold in a mature community. It’s particularly relevant for those interested in land potential, as the lot size is substantial for the street. The assessed value is modest, aligning with its unrenovated condition and age, making it a candidate for investors, first-time buyers willing to take on projects, or owners seeking a lower entry point with room to add value over time. A thoughtful perspective is that while the home is older, its above-average living space for the local area offers a tangible advantage over many nearby properties, providing more immediate utility than smaller counterparts.
Frequently Asked Questions
1. What does "above average for the street" really mean for this property?
The data shows that compared to other homes on Larsen Avenue, this property ranks in the top 20% for land area and the top 19% for living area. This means you are getting more space, both indoors and outdoors, than most of the immediate neighbours.
2. Is the basement finished or usable for storage?
The listing specifies the basement exists but is "not renovated." It should be considered unfinished utility space, suitable for mechanical systems and storage, but not as living area without significant work.
3. How recent are the sale prices listed, and what do they indicate?
The property sold twice recently: for $25.2k in June 2021 and $15.8k in January 2021. These rapid sales at low values are not typical of standard residential transactions and strongly suggest the property is being traded for its land value or as a tear-down, not for its existing structure.
4. What is the significance of the assessed value versus the sale prices?
The current assessed value is $23.3k, which is close to the most recent sale price. This assessment is dramatically below the Winnipeg citywide average, reflecting the home's condition and the neighbourhood's market. It indicates very low property taxes, but also that the value is primarily in the land.
5. Who would this property not suit?
It would not suit buyers seeking a move-in ready home, those unfamiliar with renovation projects, or anyone requiring modern amenities and finishes. Given the sales history, it is also likely not suited for someone looking for a long-term, stable investment in the structure itself, as the market appears to value the lot over the building.