Property Overview: 951 Beach Avenue, East Elmwood
Key Characteristics & Appeal
This is a compact, one-storey home built in 1953, situated on a standard-sized lot in East Elmwood. Its primary appeal lies in its affordability and practicality. With only 657 sqft of living space, it is notably smaller than most homes in the neighbourhood and city-wide, positioning it as a true starter home or a downsizing opportunity. A key updated feature is the renovated basement, which adds functional space. The property includes a detached garage.
Its value is grounded in its below-average assessed value, which translates to lower property taxes—a significant ongoing cost saving. The home suits first-time buyers seeking an entry point into the market without a large mortgage, or investors looking for a manageable rental property. It may also appeal to minimalist buyers or those who view the modest house as a canvas for a future expansion, given the decent lot size.
Frequently Asked Questions
1. Is the house too small for comfortable living?
At 657 sqft, it is significantly smaller than the average Winnipeg home. It would suit a single person, a couple, or a very small family comfortable with compact living. The renovated basement is crucial for adding necessary storage and utility space.
2. Why is the assessed value so much lower than the last sale price?
The assessed value ($24.2k) is for taxation purposes only and is not an indicator of market value. The sale price of $240k in 2022 reflects the actual market value at that time, influenced by factors like the renovated basement and market conditions.
3. What are the benefits of a lower assessed value?
A lower assessed value directly results in lower municipal property taxes, which is a recurring annual saving for the owner.
4. Is the detached garage a major advantage?
In a neighbourhood of older homes, a detached garage provides secure parking and valuable storage space, which is a notable perk given the home's limited interior square footage.
5. How does this property rank compared to its neighbours?
The home is below average in size and assessed value on its own street and in East Elmwood. This isn't necessarily a drawback; it confirms its position as one of the more accessible and tax-efficient properties in the area.