Property Overview: 348 Union Avenue W, Winnipeg
Key Characteristics & Appeal
This one-storey home in Chalmers sits on a standard 3,444 sqft lot and offers 904 sqft of living space. Its primary appeal lies in its strong value proposition and recent, significant renovation, as evidenced by its updated basement. Built in 1962, it is notably newer than many homes in its immediate area and neighbourhood.
The data reveals a compelling narrative: while the home's size is modest by city-wide standards, it stands out locally for its above-average assessed value and recent sale price. This suggests buyers are recognizing the modernized improvements. Its appeal is for practical, value-conscious buyers—perhaps first-time homeowners, downsizers, or investors—who prioritize move-in readiness and updated mechanics over sheer square footage. It suits someone looking for a manageable property in a long-established neighbourhood without the burden of immediate major repairs.
A less obvious perspective is the lot's potential. While the house is compact, the lot size is very typical for the area, offering balanced outdoor space without excessive maintenance. The recent sale history indicates a rapidly appreciating asset in its micro-market, hinting at a neighbourhood that may be transitioning or seeing renewed investment.
Frequently Asked Questions
1. What does the "above average" assessed value mean in this context?
It means that, compared to similar properties on the same street and in the Chalmers neighbourhood, this home is officially valued in the top 10%. This typically reflects recent improvements, like the renovated basement, and desirable characteristics for the area.
2. The home sold recently in October 2024. Why is it back on the market?
While the specific reason isn't listed, quick resales can sometimes indicate an investor's flip, a change in the buyer's circumstances, or a assignment sale. It's always recommended to ask the listing agent for the precise history.
3. Is the living space too small?
At 904 sqft, it's around the neighbourhood average. It's a compact, efficient layout suitable for individuals, couples, or small families. The renovated basement likely adds functional space, making the overall footprint more livable.
4. There's no garage. What are parking options?
The listing notes no garage. This is common for many older Winnipeg neighbourhoods. Parking would be via on-street permit or a potential driveway if space on the lot allows, which should be verified with the city.
5. How does the sale price compare to the assessed value?
The October 2024 sale price was significantly higher than both the current assessed value and a previous sale from earlier in 2024. This strong market performance suggests the property is selling based on its updated condition and market demand, exceeding its government assessment.