Property Overview
This one-and-a-half storey home at 774 Beach Avenue in East Elmwood is a classic Winnipeg post-war property, built in 1949. With 930 square feet of living space and a recently renovated basement, it sits on a standard city lot of just over 4,000 square feet. The home features a detached garage. Its key appeal lies in its established neighbourhood setting and its position as a solid, average performer within its immediate area—neither the largest nor the smallest on the block, with an assessed value that aligns with local norms. It last sold in 2016 and 2017 for $230,000.
This property would suit first-time buyers or practical downsizers looking for a straightforward, no-frills home in a mature neighbourhood. Its average metrics for the street suggest a stable, predictable investment without extreme outliers in size or value. The renovated basement adds functional living space, making it a practical choice for those who value utility over high-end finishes. A thoughtful perspective is that its "average" standing locally might offer a buffer against market volatility compared to more atypical properties, and the older neighbourhood likely provides mature trees and settled community feel that newer subdivisions lack.
Frequently Asked Questions
1. How does this home compare to others in Winnipeg?
City-wide, the living space and lot size are below the Winnipeg average, which is typical for an older, inner-ring neighbourhood. This often translates to a more manageable property for maintenance and lower utility costs compared to larger, newer homes.
2. What does the assessed value indicate?
The assessed value is for municipal tax purposes and is significantly lower than the home's likely market value (as indicated by its past sale price of $230k). It's best to view the assessment as a baseline for estimating annual property taxes, not as an appraisal.
3. Is the renovated basement a legal suite?
The listing states the basement is renovated but does not specify it as a legal secondary suite. Buyers should verify its compliance with local zoning and building codes if considering rental income.
4. What is the significance of the home being "around average" for the street?
This statistical positioning suggests the property is typical for Beach Avenue, which can be positive for resale value. It means future appraisals and valuations are less likely to be complicated by unusual features or drastic differences from neighbouring homes.
5. The home sold twice in two years (2016, 2017). Should that be a concern?
The same sale price in both transactions suggests it was not a flip or a distressed sale. It could indicate a transfer between family members, a quick change of circumstance for the buyer, or an initial sale that fell through and closed later. Title search and disclosure from the seller would provide clarity.