Property Overview
This one-and-three-quarter storey home at 473 Talbot Avenue in Winnipeg's Chalmers neighbourhood presents a distinct opportunity. Built in 1907, its key appeal lies in the combination of a generous, above-average lot and a solid amount of living space, positioned within a market context that suggests a lower-than-average entry point.
Key Characteristics & Buyer Appeal
The home’s most compelling feature is its land. At over 7,200 square feet, the lot size ranks in the top 1% for the Chalmers area, offering rare potential for gardening, expansion, or simply enjoying ample outdoor space. With 1,355 square feet of living area, the house itself provides more space than most comparable homes in its immediate vicinity. These physical assets are contrasted by its age and a notably low municipal assessed value, which sits well below city-wide averages.
Its appeal is rooted in this value proposition: it is a property where the land itself is a significant asset, paired with a historic home that likely requires modernization. This suits buyers looking for a project—whether a gradual renovation, a candidate for substantial updates, or an investor with vision. It is less suited for those seeking a turn-key, modern home. A thoughtful perspective is that the low assessment, while indicating a lower property tax burden, also signals the scope of work needed to bring the home in line with current standards. The sale in mid-2023 at $200,000 provides a recent benchmark, suggesting it is priced for its condition.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean for this home?
This is a common architectural style for homes of this era. It typically means the second floor has full-height ceilings under the roof's peak, with potentially sloped ceilings or dormer windows on the sides, offering character but sometimes requiring creative space planning.
2. The assessed value seems very low compared to the sale price. Why?
Municipal assessed value for taxation purposes often lags behind market value, especially for older homes that haven't been recently renovated. The sale price reflects what a buyer was willing to pay in the open market, while the assessment is an administrative valuation that may not capture recent sales or the full potential of the large lot.
3. The basement is noted as "not renovated." What should I expect?
Given the home's age, you should anticipate a traditional, functional basement with foundational masonry walls, likely housing the mechanical systems (furnace, water heater) and providing basic storage or laundry space. It is not a finished living area.
4. How does the large lot size impact responsibilities and potential?
A lot of this size offers great potential but also means more yard maintenance. It's important to verify zoning bylaws for any future plans like adding a garage, building an addition, or creating a secondary suite, as the rules for large lots can be specific.
5. The home is older than most on the street and in the area. What are the implications?
While it offers classic charm, priority should be given to inspecting major age-related systems: the foundation, roof, plumbing, and electrical wiring. Understanding the current state of these components is crucial for budgeting renovations. The nearby comparable sales from 1907 suggest the neighbourhood has experience with homes of this vintage.