Property Overview: 713 Herbert Avenue, East Elmwood
Section 1: Key Characteristics & Appeal
This 840 sqft, one-storey home at 713 Herbert Avenue is a modern property built in 2013, offering a renovated basement. Its primary appeal lies in its relative newness within a mature neighbourhood, providing move-in-ready comfort without the concerns of an older home. The home sits on a standard-sized lot for its immediate street.
The property presents a compelling value proposition. While its living space is modest compared to the wider city, its assessed value of $300k is notably above average for both Herbert Avenue and the broader East Elmwood area. This suggests it is perceived as a higher-quality or better-maintained asset within its local context. It recently sold for $357,000 in April 2024.
This home would best suit first-time buyers, downsizers, or pragmatic investors seeking a low-maintenance, modern property in a well-established community. It’s ideal for those who prioritize a newer build and updated features over square footage, and who find value in a home that stands out positively against its immediate peers in terms of age and condition.
Section 2: Frequently Asked Questions
1. How does the home’s size compare to others?
At 840 sqft, the living area is close to the average for Herbert Avenue but is considered below average for both the East Elmwood neighbourhood and Winnipeg overall. This indicates a compact, efficient layout.
2. Why is the assessed value high for the area?
The $300k assessment ranks in the top 21% for East Elmwood. This is likely due to the home’s young age (2013) and renovated basement, factors that significantly boost its value compared to the many older, unrenovated homes in the area.
3. What does the recent sale price tell us?
The April 2024 sale price of $357,000 was significantly higher than the assessed value, suggesting strong buyer demand for turn-key, modern homes in the area, even with a smaller footprint.
4. Is the lot size a limitation?
The lot is just under 3,000 sqft. It’s average for the street but below average for the neighbourhood and city. This means smaller outdoor space but also less yard maintenance—a trade-off that suits many modern buyers.
5. Who might this property not suit?
Buyers needing multiple bedrooms, extensive living space, or a large yard for gardening and recreation may find it too compact. It’s less suited for those comparing it primarily to newer suburban homes with larger floor plans and lots.