498 Flora Avenue

Property Overview & Key Characteristics

This property at 498 Flora Avenue presents a distinct value proposition centered on its land. The standout feature is the 7,357 sqft lot, which is significantly larger than most in the Dufferin neighbourhood and on the street itself, placing it in the top 9% locally. This offers rare potential for expansion, gardening, or outdoor space in an inner-city area. The home itself, built in 1902, is a modest structure with a living area around 1,120 sqft and a notably low assessed value.

Its appeal lies in its foundational potential. It suits a specific buyer: an investor, builder, or hands-on homeowner looking for a land play or a complete renovation project. The price point, historically low, reflects the condition of the existing structure rather than the asset's underlying potential. It's less about moving in and more about what can be built or created, offering a blank canvas at a relatively accessible entry point for the area. A less obvious perspective is that such a large lot in an established neighbourhood provides a hedge against density, offering privacy and space that is increasingly scarce and cannot be replicated in newer subdivisions.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
The assessed value is primarily based on the existing structure and its condition. This valuation reflects the modest, older home currently on the lot, not the potential value of the large land parcel itself or any future improvements.

2. What can I do with such a large lot?
The lot size is the key feature. It provides ample space for a significant addition, a garden, recreational areas, or even future redevelopment (subject to zoning and city approvals). It offers a level of outdoor space uncommon for the neighbourhood.

3. What is the neighbourhood like?
The home is in the Dufferin area, a mature, inner-city Winnipeg neighbourhood with character homes and a mix of long-term residents. Buyers should explore the specific street and surrounding blocks to get a feel for the community and nearby amenities.

4. Is this a tear-down property?
Not necessarily. The existing 1902 home could be renovated or expanded upon, leveraging the large lot. However, the low assessment indicates the value is predominantly in the land, making it a candidate for redevelopment for those with the vision and budget.

5. How does the sale history inform the current price?
The property last sold in March 2018 for $11,700. This historical price, along with the current low assessed value, underscores that the market has consistently valued this as a land-value opportunity rather than a move-in-ready home.