Property Overview
This one-storey home at 26 Morier Avenue in Winnipeg's Glenwood neighbourhood presents a specific and practical opportunity. Built in 1919, its key appeal lies in its generous 5,146 sqft lot, which is notably larger than many in the immediate area. The house itself, with 1,016 sqft of living space, is functionally sized and aligns with the neighbourhood average. It features a detached garage and an unrenovated basement, indicating a property that offers solid fundamentals but room for personalization.
The home’s assessed value is positioned below average for the street, neighbourhood, and city, which often reflects its older construction year and condition. This creates a clear value proposition: you are primarily investing in the land and location, with the house representing potential. It would suit a hands-on buyer looking for an entry point into a established neighbourhood, someone comfortable with a project, or an investor seeking a property with redevelopment potential given the lot size. Its appeal is grounded in practicality and future possibility rather than immediate move-in finish.
Frequently Asked Questions
1. Why is the assessed value significantly lower than the city average?
The assessed value is based on the property's current state, age (107 years), and specific market factors in Glenwood. It reflects a home that likely requires updates, placing its value in the land and structure's potential rather than in high-end finishes or modern systems.
2. What does the "unrenovated basement" typically imply?
This usually indicates a basement in original or functional condition, without modern waterproofing, finished living spaces, or updated mechanicals. Buyers should budget for inspections and potential upgrades to suit their needs.
3. The lot is large for the area. What are the advantages?
A larger lot provides more outdoor space, potential for additions, gardening, or landscaping projects. In the long term, it can also contribute significantly to the property's redevelopment or resale value compared to neighbouring homes on smaller plots.
4. How does the sold price history from 2020 relate to today's market?
The 2020 sale price provides a historical benchmark, but it does not reflect current market conditions, interest rates, or any changes made to the property since that time. It's a useful data point for tracking trends, not for determining present value.
5. Who would this property not be suitable for?
It may not suit buyers seeking a modern, turn-key home without renovation projects. Similarly, those prioritizing immediate high-end finishes or the newest construction in a suburb-style setting might find better options elsewhere.