Property Overview: 385 Larsen Avenue, Winnipeg
Key Characteristics & Appeal
This home is a one-and-a-half storey property built in 1948, situated on a notably large lot of nearly 5,000 sqft in the Chalmers neighbourhood. Its key features include a renovated basement and a detached garage. The appeal lies in its combination of a generous, above-average land size for the immediate area and a living space that is practical and well-proportioned at just over 1,000 sqft.
The data suggests this property occupies a unique niche. While its assessed value is modest compared to the city-wide average, it ranks highly within its own street and neighbourhood for land size, newer year of build, and value. This indicates a property that is a standout in its local context, offering more space and a slightly newer build than many nearby homes. It would particularly suit a buyer looking for a ground-up project or who prioritizes outdoor space and expansion potential over a large existing footprint. The renovated basement adds functional living space, making it a pragmatic choice for a first-time buyer, an investor, or someone seeking a character home with room to grow.
Frequently Asked Questions
1. Why is the assessed value significantly lower than the city-wide average?
Assessed values are based on a mass appraisal system and are heavily influenced by the local market. In this case, the home’s value is above average for Larsen Avenue and Chalmers, but the average for all of Winnipeg is pulled much higher by newer and larger homes in different market segments.
2. What does the "Top 1%" ranking for land area on Larsen Avenue mean?
It means this property has more land than 99% of the roughly 200 comparable homes on Larsen Avenue. This is its most distinguished feature, offering rare lot size and privacy for the street.
3. Is a home built in 1948 a concern?
The data shows it is newer than the average home on its street (1930) and in Chalmers (1934). While systems like wiring or plumbing may need attention, it is a relatively newer build within this established neighbourhood’s housing stock.
4. Who might this property not suit?
It may not suit buyers seeking a modern, turn-key home with a large interior, or those whose budget is strictly aligned with city-wide average home sizes and values. The appeal is in its local standing and land potential.
5. How should I interpret the sale history, with a last sale price of $22.5k in 2017?
This prior sale price is not reflective of current market value. It likely indicates a non-arms-length transaction, such as a transfer between family members. The current assessed value and market conditions are the relevant starting points for valuation today.