Property Overview: 723 Herbert Avenue, Winnipeg
Key Characteristics & Appeal
This 966 sqft, one-storey home in East Elmwood presents a practical and updated living space. Its key feature is a renovated basement, adding valuable finished square footage to the modest main floor plan. Built in 1971, it is a notably newer construction compared to many homes on its street and in the wider neighbourhood, which may mean fewer concerns about aging core systems.
The appeal lies in its position as a solid, move-in-ready property within its immediate context. While its size is below the city-wide average, it is competitive for the area. The home’s assessed value ranks above average for Herbert Avenue, suggesting it is a well-maintained or improved property relative to its closest peers. The lot is smaller than typical for East Elmwood, resulting in lower maintenance but less private outdoor space.
This home would suit first-time buyers seeking an updated, manageable property without major renovation projects. It would also appeal to downsizers looking for a single-level layout with a finished basement for extra room or storage. The value is oriented toward living comfortably in the neighbourhood rather than offering a large yard or expansive square footage.
Frequently Asked Questions
1. How does the renovated basement add value?
It effectively increases the usable living space of this 966 sqft home, offering flexibility for a family room, home office, or additional storage, which is a significant advantage in a one-storey layout.
2. Is the smaller lot size a disadvantage?
It depends on priorities. It requires less yard maintenance, which can be a benefit for busy owners or those seeking a low-upkeep property. However, it offers less space for gardening, play, or outdoor entertaining compared to other area homes.
3. The home is newer than many in the area. What are the implications?
A 1971 build date may mean newer plumbing, electrical, and roofing materials than found in much older neighbourhood homes, potentially reducing the need for near-term major system updates.
4. How does the assessed value compare to the last sale price?
The home was last sold in 2016 for $200,000. Its current assessed value is $25,800. It is important to note that assessed value for tax purposes is not a market valuation; a professional appraisal or comparative market analysis is needed to determine current fair market value.
5. What does the "above average" ranking for assessed value on this street indicate?
It suggests that, according to municipal assessment, this property is in better condition, has more improvements, or is otherwise considered more valuable than most of the directly comparable homes on Herbert Avenue. This often points to good upkeep or prior upgrades.