Property Overview: 637 Alverstone Street, Winnipeg
Key Characteristics & Appeal
This one-and-three-quarter storey home, built in 1905, presents a classic character home opportunity in the Daniel McIntyre neighbourhood. Its key appeal lies in its generous proportions relative to the area: with 1,632 sqft of living space, it ranks in the top 14% of homes on its street and top 9% within the neighbourhood for size. The lot is also above average for the local area at 3,327 sqft. This combination offers more interior room and outdoor space than many nearby properties.
The home suits buyers looking for a project with solid fundamentals. Its assessed value is typical for Daniel McIntyre, suggesting it's not overpriced for the locale, but the 1905 build date and unrenovated basement indicate it requires modernization. The ideal buyer is likely a practical renovator who values space and location over move-in-ready finishes, or an investor who sees potential in the above-average living area for the neighbourhood. A less obvious perspective is that its "below average" citywide assessment could represent a value entry point into a larger home, assuming one is prepared for the updates an older property demands.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common architectural style in older Winnipeg neighbourhoods. It typically means the second floor has full-height ceilings in the center of the house, with sloped ceilings or knee walls in the rooms under the eaves, often creating cozy bedrooms or nooks.
2. How significant is the 1905 build date?
It places this home among the older in the city. Buyers should budget for a thorough inspection focusing on foundational integrity, historical wiring or plumbing updates, and insulation. The age also contributes to its character and likely includes solid, older-growth lumber in its construction.
3. The assessed value seems low citywide. Why?
Property assessments are based on market value for the area. While the home's size is above average for Daniel McIntyre, the assessed value reflects the neighbourhood's overall price point compared to the entire city. It's more relevant to compare it to the local and street averages, where it sits around the median.
4. What can be inferred from the unrenovated basement?
This indicates the basement remains in a largely original or utilitarian state. It presents both a blank canvas and a priority for inspection regarding moisture control, ceiling height, and the condition of foundational systems. It's a clear candidate for future investment to add living or storage space.
5. How does the last sale price (2016, $180k) relate to today's value?
It provides historical context but is not a direct indicator of current market value. The market has shifted significantly since 2016. Current value is better gauged by recent sales of comparable (similarly sized and aged) homes in Daniel McIntyre and the West End.