Property Overview
282 Albany Street is a one-and-a-half storey home in Winnipeg's Deer Lodge neighbourhood, built in 1918. Its key appeal lies in being a modest, entry-level property with a detached garage on a standard city lot. The home presents a straightforward opportunity, suited for specific buyers willing to take on a project.
Key Characteristics & Buyer Profile
The home’s living area of 828 sq ft is compact, ranking it around average for Albany Street but below average for the wider area. It features an unrenovated basement and a detached garage. The assessed value is notably low compared to local and city-wide averages, reflecting the home’s age, condition, and size.
Its primary appeal is affordability and lot potential. It suits a first-time buyer or an investor looking for a lower-cost entry into the market, who is prepared for updates and comfortable with a smaller footprint. A thoughtful perspective is that while the home itself is modest, its value is anchored in the land and location. For the right buyer, it represents a canvas for gradual improvement or a long-term hold in a stable neighbourhood. The recent 2022 sale price of $220k, significantly higher than its assessed value, suggests the market recognizes potential beyond the official valuation.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Assessed values for tax purposes often lag behind market prices, especially for older homes that may have been recently sold in a competitive market. The sale price reflects what a buyer was willing to pay, while the assessment is based on a municipal formula.
2. What does "unrenovated basement" typically imply?
This usually means the basement is in original or functional condition, but not modernized. It may be suited for storage and utilities but likely lacks finished living space, with potential for moisture management or foundational updates.
3. Is the detached garage a significant advantage?
Yes, especially in an older neighbourhood. It provides secure storage, workshop space, or parking separate from the house, which is a valuable feature not always found in homes at this price point.
4. How does the home’s size compare practically?
At 828 sq ft, the living space is efficient. It would comfortably suit a single person, a couple, or a small family comfortable with cozy quarters, emphasizing a simpler lifestyle without excess space to maintain.
5. What is the broader context of the Deer Lodge neighbourhood?
Deer Lodge is an established, quiet residential area with older homes. It offers a sense of community and stability. The property’s rankings show it is a more modest home within an already affordable neighbourhood, indicating a lower-cost point within a lower-cost area.