Property Overview: 685 Fleet Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a classic two-storey home in the established Earl Grey neighbourhood, built in 1913. With 1,202 sqft of living space, it offers a practical layout that is very typical for the area. The property presents a clear value-oriented opportunity, as its assessed value is notably below the average for the street, neighbourhood, and city. This suggests potential for equity growth, especially for a buyer willing to invest in updates over time. The lot is modest in size (2,308 sqft), which translates to lower maintenance—a plus for those seeking a manageable outdoor space.
Its primary appeal lies in its location within a sought-after neighbourhood and the opportunity it represents. It suits a first-time homebuyer or an investor looking for an entry point into a desirable area without a premium price tag. The home is move-in ready but has an unrenovated basement, making it ideal for a buyer who prefers to customize spaces to their own taste and timeline, rather than paying for someone else’s renovations. It’s a property for those who value character and location over modern finishes and who see the benefit in a home that ranks well below average in price for its surroundings.
Section 2: Frequently Asked Questions
1. What does "below average" assessed value really mean for a buyer?
It indicates the city’s valuation for tax purposes is significantly lower than similar homes nearby. This can mean a relatively lower property tax bill and may suggest the home has not been recently reassessed following major improvements, highlighting its potential as a fixer-upper or value purchase.
2. Is the older age (1913) a major concern?
While the home has historic character, its age means prospective buyers should prioritize a thorough inspection. Key focus areas should be the foundation, roof, wiring, and plumbing to understand what updates may be needed. The unrenovated basement allows these systems to be easily examined.
3. Who is this home not suited for?
It is likely not a match for buyers seeking a turn-key, modern property with ample yard space or garage parking. It also may not suit those who want immediate, high-end finishes or who are uncomfortable with the idea of phased renovations.
4. The lot size is noted as "below average." How will this affect me?
The smaller lot is a practical feature: it requires less time and money for landscaping and upkeep. For gardeners or those wanting extensive outdoor recreation space, it may feel limited. For busy professionals or minimalists, it’s an efficient use of space.
5. Can you explain the recent sale price compared to the assessed value?
The home sold for $24,500 in September 2022, which is close to its current assessed value of $23,400. This recent sale provides a concrete market benchmark, suggesting the assessment is aligned with a very recent transaction and reinforcing the property’s position as a lower-priced option in the area.