Property Overview & Appeal
776 Stella Avenue is a substantial one-and-three-quarter storey home built in 1906, situated on a large 7,356 sqft lot in Winnipeg's Dufferin neighbourhood. Its key characteristic is its impressive scale, boasting a living area of 2,532 sqft which ranks it in the top 2% of homes on its street and top 1% within the neighbourhood. This generous interior space is paired with a detached garage and significant outdoor land.
The primary appeal lies in its rarity as a truly large property for the area, offering immense potential for renovation, expansion, or multi-generational living. The very low assessed value suggests a property that may require significant modernization, positioning it as a prime opportunity for investors, renovators, or buyers seeking a blank canvas at a land-value price point. It would suit hands-on buyers looking for a project, those prioritizing square footage and lot size over move-in-ready condition, or long-term holders who see value in the underlying asset. A less obvious perspective is its potential appeal to buyers interested in historical preservation, given its 120-year heritage, though any restoration would be a major undertaking.
Frequently Asked Questions
1. Why is the assessed value so much lower than the likely selling price?
The assessed value of $19.7k is for municipal tax purposes and often reflects a formula that doesn't capture current market value, especially for older homes that haven't been recently renovated. It typically indicates the property is valued largely for its land and basic structure, not updated finishes or systems.
2. What does the "Top X%" ranking for Living Area mean?
These rankings compare this home against others in its immediate area. For example, ranking in the top 2% on its street for living area means 98% of homes on Stella Avenue are smaller. This highlights just how unusually spacious this property is for this location.
3. Given the age, what should I be most concerned about?
A home built in 1906 will likely require significant updates to plumbing, electrical, heating, and insulation to meet modern standards. A thorough inspection is essential to understand the condition of the foundation, roof, and structural integrity, which can be costly to address.
4. How does the large lot size benefit a buyer?
The 7,356 sqft lot (ranking in the top 17% on the street) offers valuable flexibility. It provides ample private outdoor space, room for additions like a garage or workshop, and potential for subdivision or future development, subject to city zoning bylaws.
5. Are the nearby "Worth viewing" properties good comparisons?
Not directly. The listed nearby properties have significantly smaller living areas and lots. They are likely suggested due to geographic proximity, but 776 Stella Avenue is a notable outlier in terms of scale, making it a unique offering in the community.