Property Overview
This one-storey home at 771 Lorette Avenue in Winnipeg's Earl Grey neighbourhood presents a specific and practical opportunity. Built in 1912, it is a smaller, character home with 726 sqft of living space and a 2,532 sqft lot. Key features include a detached garage and an unfinished basement. The data indicates it is consistently below average in size, lot dimensions, and assessed value compared to homes on its street, in Earl Grey, and across the city. It last sold in February 2025.
Key Characteristics & Appeal
The primary appeal of this property is its position as an accessible entry point into a well-established neighbourhood. It suits first-time buyers, downsizers, or investors seeking a lower-cost footprint in Earl Grey with the intent to renovate or hold. Its smaller scale means lower utility costs and less maintenance, which can be a thoughtful trade-off for the right buyer.
While its size and vintage place it below local averages, this also translates to a correspondingly lower price threshold. The unfinished basement offers potential for future expansion or customization. The appeal lies not in luxury, but in practicality and possibility—a chance to secure a lot in a mature area without a premium price, ideal for someone with a vision for gradual improvement or who prioritizes location over move-in-ready condition.
Frequently Asked Questions
1. What does it mean that the home ranks "below average" in most categories?
This indicates the property is smaller, on a smaller lot, and has a lower assessed value than most comparable homes in its immediate and surrounding areas. It reflects a more modest and affordable property profile.
2. Is the basement usable in its current state?
The listing specifies the basement is "not renovated." It is unfinished, meaning it has raw space that could be used for storage or utilities but would require significant work to become finished living space.
3. How does the recent sale price compare to the assessed value?
The home sold for $22.50k in February 2025, which is very close to its listed assessed value of $22.20k. This suggests the sale was aligned with its official valuation.
4. What are the implications of a home built in 1912?
Buyers should budget for potential updates to older mechanical systems (like plumbing or wiring) and anticipate maintenance consistent with a century-old home. A thorough inspection is essential.
5. What is the potential here for future value?
Value growth would likely depend on strategic renovations to modernize the living space or expand usable area (such as finishing the basement). The underlying value is tied to its location in Earl Grey, with improvements directly enhancing its market position.