Property Overview
This one-storey home at 1016 Beach Avenue in East Elmwood presents a practical and updated living space. Its key appeal lies in being a well-maintained, move-in-ready property within a stable neighborhood. The home features a renovated basement, adding valuable finished living area to its 1,024 sqft footprint, and includes a detached garage. Built in 1956, it sits on a standard city lot of just over 4,100 sqft.
The property suits first-time homebuyers or downsizers seeking a manageable, single-level layout without major renovation projects. Its recent sale price of $310k (September 2024) and an assessed value that ranks above average for both the street and the broader East Elmwood area suggest it represents solid value within its immediate market. A less obvious point of appeal is its age; while 70 years old, it is actually newer than many comparable homes on its street and in the area, potentially implying fewer concerns related to very old infrastructure. Its lot size, while typical for the neighborhood, is below the citywide average, highlighting a trade-off for location—this is a home for those who prioritize neighborhood character over expansive private outdoor space.
Frequently Asked Questions
1. How does the living space compare to nearby homes?
At 1,024 sqft, the living area is very close to the average for both Beach Avenue and the East Elmwood area, offering a standard amount of space for the neighborhood.
2. What does the "above average" assessed value mean for this property?
The assessed value of $303,000 ranks in the top 23% on Beach Avenue and top 20% in East Elmwood. This typically indicates the municipality views it as a higher-value property relative to its immediate peers, often due to factors like renovations, condition, or lot desirability.
3. Is the renovated basement included in the square footage?
Typically, municipal living area (sqft) calculations do not include below-grade spaces, even if finished. The 1,024 sqft likely refers to above-ground living area only, with the renovated basement providing bonus space.
4. How does the recent sale price relate to the assessed value?
The home sold for $310,000, which is significantly higher than its $303,000 assessed value. This is common, as market sale prices are driven by current buyer demand, while assessed value is an administrative valuation for tax purposes, often lagging the market.
5. What is the significance of the lot size being "below average" citywide?
The lot is approximately 4,141 sqft, which is smaller than the Winnipeg average of about 6,570 sqft. This is standard for many established, older neighbourhoods like East Elmwood, where lots are more compact. It means less yard maintenance but may limit expansion possibilities compared to homes in newer suburbs.