Property Overview
This 680 sqft, one-storey home at 869 Beach Avenue in Winnipeg's East Elmwood neighbourhood presents a specific and straightforward opportunity. Built in 1958, it is notably newer than many immediate comparables. Its key characteristic is its modest scale, reflected in both its below-average living area and land size (3,097 sqft lot) for the street, area, and city. The assessed value is significantly below local averages.
Its appeal lies primarily in its accessibility. With a previous sale price of $150k in 2022, it represents one of the most entry-level priced detached properties available. It suits first-time buyers seeking a literal foothold in the market, investors looking for a low-cost rental property, or individuals wanting a minimal, manageable space without the upkeep of a larger home. A less obvious perspective is that its smaller lot and footprint could mean lower property taxes and utility costs, and its newer build date (relative to neighbours) might suggest fewer immediate major repairs than much older homes in the area.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific attributes—its small size, modest home, and smaller lot—which are below average for Winnipeg. It's assessed against similar properties, not the overall market.
2. What does "below average" for living area and lot size practically mean?
It means this is a compact property. The home itself is cozy, and the yard is smaller than most in the neighbourhood. This translates to less maintenance and lower heating costs, but also less indoor and outdoor space.
3. The home sold for $150k in 2022. Is that a reliable indicator of its current value?
It's a recent data point, but not a guarantee. Market conditions, property updates, and specific buyer demand since 2022 will influence the current price. It does, however, firmly establish it in the most affordable segment of the market.
4. Are there any advantages to it being built in 1958 when many nearby homes are older?
Potentially. While still an older home, it may have benefited from slightly updated construction methods or materials compared to homes built 10-15 years earlier. However, a full inspection is necessary to determine the actual condition of major systems like plumbing, wiring, and the roof.
5. Who would this property not be well-suited for?
It would likely not suit growing families needing multiple bedrooms and living spaces, anyone who desires a large garden or outdoor area, or buyers who prioritize equity growth through significant renovations, as the small size may limit expansion possibilities.