Property Overview: 866 Garwood Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in Earl Grey presents a compact and efficient living space of 698 sqft, supported by a renovated basement. Its key characteristic is its relative affordability within a desirable, established neighbourhood. While the living area is notably smaller than most homes in the area and citywide, the assessed value sits comfortably around the average for Garwood Avenue and Earl Grey specifically. This creates an entry point into a mature community with larger, often more expensive, surrounding homes.
The appeal lies in its potential as a manageable, low-maintenance property. The detached garage and a decent 2,531 sqft lot offer practical value. A thoughtful perspective is that its smaller size and average-for-the-street valuation could represent a strategic opportunity: it allows for investment in a stable location without the premium price tag of a larger house on the same block, potentially freeing up resources for future personalization.
This home would suit first-time buyers seeking neighbourhood over square footage, downsizers looking to right-size without leaving the area, or pragmatic investors interested in a character home with a renovated basement in a long-established community.
Section 2: Frequently Asked Questions
1. Is the house unusually small for the area?
Yes. The living area is in the bottom 10% for Garwood Avenue and bottom 5% within the Earl Grey neighbourhood, making it a notably compact home compared to its local peers.
2. Does the assessed value seem high for a smaller home?
Not necessarily for this immediate location. While below the city average, the assessment is around the median for both Garwood Avenue and Earl Grey. This suggests the value is strongly supported by the lot and location within the community, rather than the interior square footage alone.
3. What is the significance of the renovated basement?
Given the modest main-floor living area, a renovated basement significantly expands the usable space, potentially adding room for utilities, storage, or recreational use, which is a crucial functional upgrade for a home of this size.
4. How does the lot size compare?
The lot is roughly average for the street but below average for both the wider neighbourhood and the city. This means outdoor space is in line with nearby properties but is not an exceptionally large yard.
5. What do the past sale prices indicate?
The home sold for $299,700 in 2020 and $239,000 in 2016. This shows considerable appreciation over that four-year period, aligning with broader market trends, and provides a benchmark for its current market value.