Property Overview: 865 Jessie Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated two-storey home in Earl Grey presents a compelling blend of established character and solid value. Built in 1923, it offers 1,232 sqft of living space, which is comfortably average for the area, and sits on a 3,988 sqft lot that is notably larger than many in the neighbourhood. A key feature is the renovated basement, adding functional living space, and the property includes a detached garage.
The primary appeal lies in its exceptional standing from an investment perspective. The home's assessed value places it in the top 5% of both its street and the wider Earl Grey area, suggesting it is a high-value asset within its immediate market. This, combined with its recent sale in August 2024, indicates strong market recognition. It suits buyers looking for a character home in a mature neighbourhood who also prioritize a property with a proven and above-average valuation. It’s ideal for someone who sees value in a home that outperforms its local peers on paper, potentially viewing it as a stable, long-term holding in a desirable area.
Section 2: Frequently Asked Questions
1. What does the "top 5%" assessed value ranking actually mean?
It means this home's official assessed value is higher than 95% of comparable properties on its street and in the Earl Grey area. This typically indicates the property is considered a premium asset within its specific local market, which can be a sign of the lot, location, or improvements made.
2. The home is over 100 years old. What should I consider?
While the basement has been renovated, a home from 1923 will have vintage charm but also requires careful attention to aging components like the roof, plumbing, electrical systems, and foundation. A thorough inspection is essential to understand the balance between character and potential upkeep.
3. The lot is above average for Earl Grey but below average city-wide. Why is that important?
This highlights the neighbourhood context. The lot is spacious for the inner-city, mature Earl Grey area, offering good outdoor space relative to nearby homes. The city-wide average is skewed by newer suburbs with larger plots, so the local comparison is more relevant for daily living.
4. How does the recent sale price compare to the assessed value?
The home sold for $56.30k in August 2024, which is approximately 15.6% above its $48.70k assessed value. This suggests the market price exceeded the city's assessment, reflecting what buyers were actually willing to pay at that time.
5. Who would this property not suit?
It may not suit buyers seeking a modern, low-maintenance build or those who prioritize a massive yard. The average interior square footage and the age of the home mean it appeals more to those who value established neighbourhoods and lot size over brand-new construction or maximum interior space.