Property Overview
This 1.5-storey home on a quiet street in East Elmwood presents a practical opportunity. Built in 1946, it features 1,167 sqft of living space and sits on a standard 4,393 sqft lot with a detached garage. The home's assessed value is notably below average for the city, which can signal different things to different buyers.
Key Characteristics & Appeal
The primary appeal of this property lies in its value proposition and location-specific standing. While its living space is above average for both the immediate street and the East Elmwood neighbourhood, its assessed value is significantly lower than city-wide averages. This disconnect suggests a property that may offer more interior space for the dollar within its local context, but likely requires consideration of factors like updates, condition, or specific market dynamics.
It would suit a value-conscious buyer, such as a first-time homeowner or an investor, who is comfortable with a home from the 1940s and sees potential in a property that ranks well on size within its community but is priced below broader market norms. The detached garage and decent lot size add practical utility. A thoughtful perspective is that this home represents a classic Winnipeg trade-off: acquiring more house and land in a established neighbourhood often means managing the upkeep of an older property, which isn't reflected in assessment figures.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
A lower assessment compared to the entire city is common for older homes in established neighbourhoods that haven't undergone extensive renovation. It typically reflects factors like the home's age, condition, and the prevailing values in its specific area rather than the city's newer suburbs.
2. How does the living area compare to nearby homes?
The living area of 1,167 sqft is actually above average for both Mccalman Avenue and the wider East Elmwood neighbourhood. This means you're getting more interior space than many comparable local properties.
3. What does the sale history of nearby properties indicate?
Nearby homes with similar assessed values have sold in the past, but sale prices can vary based on condition, updates, and market timing. Reviewing the specific sold prices and dates for the comparables listed (like 759 Talbot and 778 Beach Avenue) is essential for understanding current market value.
4. Are there any obvious concerns with a home built in 1946?
Homes of this age will likely require attention to aging components like plumbing, electrical systems, windows, and insulation. A thorough inspection is crucial to understand the condition and any needed updates or repairs.
5. Is the land size typical for the area?
Yes. The lot size of 4,393 sqft is around average for both the street and East Elmwood, though it is smaller than the city-wide average, which includes newer developments with larger lots. It provides a standard outdoor space for the neighbourhood.