Property Overview
This 1,120 sqft one-and-a-half storey home, built in 1912, sits on a 2,656 sqft lot in Winnipeg's Earl Grey neighbourhood. It features a renovated basement and sold in August 2024 for $320,000. The data presents a compelling contrast: its living space is generally around average for its area, but its assessed value is notably low compared to nearby homes. This combination defines its key characteristics and appeal.
Key Characteristics & Appeal
The primary appeal of 647 Garwood Avenue lies in its value proposition within a well-established neighbourhood. Its recently renovated basement adds modern livability to a classic home footprint. The lot size, while below the citywide average, is fairly typical for Earl Grey, offering manageable outdoor space.
This property would suit a specific type of buyer: those seeking an entry point into a desirable area like Earl Grey, who are comfortable with a home whose official assessed value is significantly lower than its recent sale price. This could appeal to a pragmatic first-time buyer, an investor looking for a character home with updated fundamentals, or someone who values location over sheer size and is prepared for the nuances of an older home. A less obvious perspective is that the low assessment, while not directly dictating market value, may hint at property tax savings relative to neighbouring homes with similar market prices, which is a tangible long-term benefit.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Assessed values for property tax purposes often lag behind current market conditions and are based on mass appraisal techniques. A recent sale price is the clearest indicator of a home's current market value.
2. What does "one-and-a-half storey" mean for this home?
This style typically features a main floor with full-height ceilings and a second floor under sloping roof lines, often creating cozy bedrooms with unique character. It's a classic Winnipeg architectural style.
3. Is the renovated basement a legal suite?
The listing states it is a renovated basement, but does not specify it as a legal secondary suite. A buyer should verify its compliance with local codes and regulations if considering rental income.
4. How does the living area compare to nearby homes?
At 1,120 sqft, the living area is around the average for both Garwood Avenue and the wider Earl Grey neighbourhood, suggesting it offers a standard amount of space for the area.
5. What are the implications of the home being built in 1912?
While offering classic charm, a home of this age requires a buyer to be mindful of potential updates needed to older systems like wiring or plumbing. A thorough inspection is essential.