Property Overview
707 Fleet Avenue is a classic two-storey home in Winnipeg's Earl Grey neighbourhood, built in 1914. With 1,205 sqft of living space, it offers a practical footprint that is very typical for the area. The home sits on a modest 2,308 sqft lot and features a basement that is noted as being unrenovated. There is no garage or pool. Recent sales history shows significant price appreciation, with the home selling for $36,200 in late 2024, a notable increase from its $230,000 sale in 2017.
Key Characteristics & Appeal
The primary appeal of this property lies in its location within the established Earl Grey community and its value-oriented entry point, as reflected in its below-average assessed value. It represents a straightforward, no-frills home where the value is placed more on the neighbourhood than on the building's current condition or size. The lot is smaller than most in the area, which could mean lower maintenance but less private outdoor space.
This home would suit a specific type of buyer: a pragmatic first-time purchaser or an investor looking for a character home in a desirable neighbourhood without a premium price tag. It’s a candidate for a live-in renovation project, where the buyer can add value over time. The modest home size and lot also suggest it may appeal to those looking to downsize within the community while staying independent. A less obvious perspective is that the compact lot and typical living area could translate to lower utility and property tax burdens compared to larger area homes, offering a more affordable cost of living in a sought-after location.
Frequently Asked Questions
1. What does "basement not renovated" typically imply?
It usually indicates the basement is in original or utilitarian condition, likely with unfinished or dated finished spaces. Buyers should budget for updates and inspect for foundational or moisture issues common in century-old homes.
2. How significant is the smaller lot size?
At roughly half the area average for Earl Grey, it means minimal yard maintenance but also limited space for additions, detached garages, or extensive landscaping. It may feel closer to neighbouring properties.
3. The assessed value seems low. Does that affect the sale price?
Not directly. Municipal assessed value for taxation often lags behind market value. The recent sale price is the true market indicator, which in this case is significantly higher than the assessment.
4. The home sold recently in 2024 and 2017. Is that a concern?
The quick resale could be for many neutral or positive reasons (investment flip, change in personal circumstances). The substantial price increase between sales primarily reflects strong market movement.
5. What are the pros and cons of a 1914 build?
Pros include classic character and potentially solid construction. Cons involve the increased likelihood of aging components needing replacement (like plumbing, wiring, windows) and the need to ensure any past updates meet current standards.