Property Overview: 883 Warsaw Avenue, Earl Grey, Winnipeg
Key Characteristics & Appeal
This two-storey home, built in 1914, presents a classic character property with significant upside. Its primary appeal lies in its generous 1,635 sqft living area, which ranks in the top 6% for size on its street and the top 10% within the desirable Earl Grey neighbourhood, offering more space than most comparable homes. The property sits on a 3,752 sqft lot, providing good outdoor space for the area. A key standout is its assessed value of $463,000, which ranks in the elite top 3% on Warsaw Avenue, suggesting the municipality recognizes substantial underlying value or potential in the lot and structure.
The home suits two main types of buyers: those seeking a character home with room to grow who are prepared for a project, as the basement is noted as unrenovated; and value-focused investors or owner-occupants who understand that a high assessment relative to recent sale prices can sometimes indicate future value appreciation, especially in a well-established neighbourhood like Earl Grey. Its detached garage adds practical utility. The perspective here is that this isn't a move-in-ready showcase, but a solid, spacious canvas in a prime location where the investment could be in the land and footprint as much as in the existing structure.
Frequently Asked Questions
1. Why is the assessed value so much higher than the recent sale price?
Municipal assessments are for taxation purposes and are based on mass appraisal models and market trends at a specific point in time, not necessarily on a single recent sale. A high assessment can indicate strong underlying value, desirable location factors, or the potential the assessor sees in the property, but it does not dictate the market sale price.
2. What does "basement, not renovated" imply?
This typically means the basement is in original or functional condition but may require updating for modern living standards. Buyers should budget for potential improvements and include a thorough inspection to understand the state of the foundation, plumbing, and electrical systems.
3. How does the age of the home (1914) affect it?
While the home is older than the citywide average, it is around the typical age for Earl Grey. This brings classic architectural character but also means systems like wiring and plumbing may need evaluation or updating. Insurance and renovation costs can sometimes be higher for heritage-era homes.
4. Is the lot size typical for the area?
At 3,752 sqft, the lot is above average for the Earl Grey neighbourhood, which is a positive. It is, however, smaller than the sprawling lots found in newer suburban areas of Winnipeg, which is reflected in its citywide ranking.
5. Who might this property not suit?
It may not be ideal for buyers seeking a completely modern, low-maintenance, or turn-key home, given its age and the noted condition of the basement. It is best suited for those who appreciate character and are planning for a medium- to long-term hold, allowing time for updates to align with the property's evident value potential.