Property Overview: 289 Larsen Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1913 on a generously sized lot in the Chalmers neighbourhood. Its primary appeal lies in its land value and potential. The 3,299 sqft lot is notably larger than most on its street and in the immediate area, offering space for gardening, expansion, or future redevelopment. The home itself is modest at 741 sqft of living space with an unrenovated basement and no garage, positioning it as an affordable entry point into the market.
Its value is for a specific buyer: an investor, a hands-on first-time buyer, or someone seeking a land-opportunity. The very low assessed and recent sale values reflect the home's age and condition, meaning the price is primarily for the land and the structure's shell. It suits those willing to undertake renovations or who view it as a long-term hold in a neighbourhood where the land component is a strong asset. A less obvious perspective is that its older age and smaller size could mean lower utility costs and simpler, more manageable upkeep for a minimalist lifestyle or a strategic investment property.
Frequently Asked Questions
1. Is this a tear-down property?
Not necessarily. While the land is a significant portion of the value, the home is still standing and functional. It could be a candidate for a full renovation, an addition leveraging the large lot, or eventual replacement, depending on the buyer's goals and budget.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the specific characteristics of this home—its smaller size, age, and condition—within its neighbourhood market. City-wide averages are skewed by newer, larger homes in different areas. Here, the value is more aligned with local Chalmers benchmarks.
3. What are the main considerations for renovating?
Key points are the unrenovated basement, which presents both cost and opportunity, and the home's age (1913), which may require updates to electrical, plumbing, or insulation to modern standards. The large lot is a major asset for any expansion plans.
4. How does the lot size compare to nearby properties?
The lot is above average for both Larsen Avenue and the Chalmers neighbourhood. This is one of the property's standout features, as many nearby properties sit on smaller parcels of land.
5. Is there potential for adding a garage or parking structure?
Given the lot's dimensions relative to the home's footprint, there is likely space for a driveway or detached garage, subject to local zoning and setback bylaws. The lack of an existing garage is a consideration but also an opportunity for customization.