Property Overview: 366 Lilac Street, Earl Grey, Winnipeg
Key Characteristics, Appeal & Ideal Buyer
This is a classic two-storey home built in 1914, offering a compact and efficient footprint on a modest city lot. With 1,128 sqft of living space, it is smaller than many homes on its own street but aligns closely with the average size for the established Earl Grey neighbourhood. Its key characteristics include an unfinished basement and no garage, presenting a straightforward, no-frills property.
The appeal lies in its location within the desirable Earl Grey area and its relative affordability, as reflected in its below-average assessed value for the city. It represents an entry point into a mature community known for its character and amenities. The home’s age (older than most on its street) suggests potential for original charm, but also implies that updates may be needed. The smaller lot and living space translate to lower maintenance, which can be a significant advantage.
This property would best suit a first-time homebuyer or a practical downsizer seeking to establish themselves in a central, well-regarded neighbourhood without a premium price tag. It is a project-conscious home, ideal for someone comfortable with a property that may require gradual updates or who prioritizes location over immediate move-in perfection.
Frequently Asked Questions
1. What does the assessed value indicate about the property?
The assessed value is notably lower than the city-wide average, which typically suggests a lower property tax burden. For this home, it aligns with its smaller size, age, and unfinished condition relative to the broader market.
2. How does the lot size impact the property?
At 2,510 sqft, the lot is compact, even for the city and the neighbourhood. This means less outdoor maintenance, but also limited space for expansions, large gardens, or adding a garage. It emphasizes the home's efficient use of space.
3. The home is older than most on the street. Is that a concern?
Being built in 1914 means it has more character and a proven durability, but it also places it firmly in the era of potential knob-and-tube wiring or original plumbing. A thorough inspection is essential to understand the condition of major aged systems.
4. What are the implications of having an unfinished basement?
An unfinished basement offers valuable, flexible storage or utility space. For a buyer, it represents both a blank canvas for future development and a clear indicator that the home has not been extensively renovated, which is reflected in its value.
5. How does this home compare to the recently sold neighbouring property?
The home at 370 Lilac Street, sold in 2019, is a useful benchmark. It is very similar in age, size, and assessed value, suggesting this property is priced within the recent established range for comparable homes on the street.