Property Overview
This 1923 one-storey home on Guay Avenue in Winnipeg's Glenwood neighbourhood presents a specific and compelling opportunity. Its key appeal lies in its position as a land-value proposition with a modest, original structure. The 2,585 sqft lot is well-sized, ranking in the top 19% of the neighbourhood for area, offering clear potential for expansion, redevelopment, or simply enjoying a larger-than-average yard in a mature area. The home itself is compact at 588 sq ft, with an unrenovated basement and a detached garage, indicating it is best suited for a buyer comfortable with a project or looking for a strategic entry point into the market.
The property would suit a practical first-time buyer seeking lower property taxes due to the modest assessed value, an investor looking for a land-hold or redevelopment site in a stable area, or a downsizer content with a smaller footprint who values a large private outdoor space. Its value is not in move-in-ready finishes but in its foundational assets: a prime lot in a well-ranked citywide location. A thoughtful perspective is that this home represents the "bones" of a neighbourhood—a chance to contribute to the area's ongoing evolution rather than simply consuming a finished product.
Frequently Asked Questions
1. What does the assessed value indicate?
At $19,900, the assessed value is significantly lower than nearby properties. This primarily reflects the modest size and condition of the existing structure, not the land value. It typically results in lower municipal property taxes, which is a key ongoing cost savings.
2. Is the house too small to live in comfortably?
At 588 sq ft, the living area is very compact by modern standards. It would require efficient use of space and likely suit individuals, couples, or those comfortable with a minimalist lifestyle. The unrenovated basement presents an opportunity to create additional functional space.
3. What are the main opportunities with this property?
The primary opportunity is the land itself. The large lot allows for future additions, a garden suite (subject to zoning), or eventual rebuilding. It's a chance to create equity through renovation or hold a strategic asset in a central Winnipeg neighbourhood.
4. How does the neighbourhood rank?
Glenwood ranks well within Winnipeg. The property itself sits in the top 6% of the city for lot size and the top 12% for assessed value ratio, suggesting it's in a desirable and established area relative to the broader market.
5. Why are the comparable listings so different in value?
The listed "For Reference" and "Worth Viewing" properties show a wide range of assessed values, from $15k to $190k. This highlights the diversity of housing in Glenwood, from very modest original homes like this one to fully renovated or much larger properties. It underscores that value here is heavily determined by the home's condition and size, not just location.