Property Overview: 299 Lilac Street, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home in Earl Grey, built in 1912, presents a classic character property with solid fundamentals. Its primary appeal lies in its established neighbourhood setting and its strong relative value proposition. With 1,326 sqft of living space, the home sits around the average size for its immediate street and area, offering comfortable, traditional proportions. A key standout is its assessed value, which ranks well above average for both Lilac Street and the broader Earl Grey neighbourhood, suggesting the property is viewed favorably relative to its peers.
The home suits two main types of buyers: those seeking a character home in a mature area who are prepared for the maintenance and potential updates that come with a 114-year-old structure, and value-conscious buyers looking for an entry point into a desirable neighbourhood where the underlying property assessment indicates solid footing. It’s worth noting that the basement exists but is noted as not renovated, representing either a project or functional storage space. The absence of a garage is typical for the era and area, and the lot size, while smaller than the citywide average, is consistent with the local streetscape. This isn’t a modern, turn-key property; its appeal is rooted in location, character, and the opportunity it represents.
Section 2: Frequently Asked Questions
1. What does the above-average assessed value actually mean?
It indicates that, for property tax purposes, this home is valued higher than many comparable homes on its street and in Earl Grey. This can reflect factors like lot location, original build quality, or recent market activity in the area. It doesn't directly predict sale price, but it often signals a well-regarded property within its micro-market.
2. Is the older year (1912) a major concern?
It's a defining characteristic. It promises charm and likely sturdy construction, but it necessitates a particularly thorough inspection for foundational integrity, wiring, plumbing, and insulation. Budgeting for ongoing maintenance is essential.
3. How does the lack of a garage and unrenovated basement impact livability?
Street parking is the norm here. The basement likely provides storage and houses mechanical systems, but its unfinished state means it's not additional living space without significant investment. This setup is typical for homes of this vintage in Winnipeg.
4. The home last sold in July 2020. What should I consider?
Market conditions have likely shifted since then. While the 2020 sale price gives a historical data point, your offer should be based on a current appraisal and recent sales of comparable homes (like the nearby references provided: 796 Jessie Ave and 749 Warsaw Ave).
5. The lot is smaller than the city average. Is that a drawback?
For this neighbourhood and street, the lot is actually around average. It means lower maintenance than a large lot, but also limited potential for expansions like a large addition or garage. It aligns with the compact, community-focused feel of older city neighbourhoods.