Property Overview: 374 Larsen Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1913, presents a classic character home opportunity in the Chalmers neighbourhood. Its key appeal lies in its solid, average-sized footprint—offering a 1,018 sqft living area and a 3,298 sqft lot—which is very typical for its immediate area. This creates a predictable and stable investment profile within a well-established community. The home features a detached garage and an unrenovated basement, indicating a property that is functional but holds potential for future updates.
Its strongest suit is value and location within its micro-market. While its assessed value and metrics are below Winnipeg-wide averages, they are consistently "around average" when compared directly to its neighbours on Larsen Avenue and in Chalmers. This suggests you are purchasing a home in line with local norms, not an outlier. It would particularly suit a value-conscious buyer looking for a character home in a mature neighbourhood, who is comfortable with a property that may require modernization over time. A thoughtful perspective is that its 1913 build date, while older, means it has stood for over a century, potentially indicating durable construction. The recent 2022 sale price of $200k, significantly higher than its 2019 sale, also points to active market interest and a measurable increase in perceived value.
Frequently Asked Questions
1. What does "around average for the street/area" actually mean for me?
It means the home’s lot size, living space, and assessed value are very typical for Chalmers and Larsen Avenue. You’re not overpaying for an oversized lot nor getting a deal on a unusually small one—it’s a standard offering for this specific location, which can provide stability.
2. The basement is noted as "not renovated." What should I expect?
You should anticipate a functional but unfinished space. It likely provides essential utilities and storage but would require investment to convert into modern living space, offering both a project opportunity and a clear understanding of immediate condition.
3. How significant is the difference between the assessed value and the 2022 sale price?
The assessed value for municipal taxes is $20,400, while it sold for $200,000 in 2022. This large gap is normal; assessed value is not market value. The recent sale price is the critical figure for understanding current market worth.
4. The home is older (1913). Are there any less obvious concerns or advantages?
Beyond expected maintenance, an advantage is the proven longevity of the structure. A consideration is that building materials and standards from 1913 differ from today, so inspections should be thorough for items like wiring, plumbing, and insulation.
5. Who would this property NOT be well-suited for?
It may not suit buyers seeking a move-in-ready, modernized home without projects, or those prioritizing large, suburban-sized lots and square footages well above the city average. It’s a home for those who appreciate established neighbourhood character and see potential in a solid foundation.