Property Overview: 7 Fifth Avenue, Glenwood, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1922, presents a practical opportunity in Winnipeg's Glenwood neighbourhood. Its key appeal lies in its position as a modest, no-frills property with a renovated basement, situated on a standard city lot. The living space (884 sq ft) is compact, ranking around the local average for the street and area, making it a true starter home or a downsizing option.
The property’s most notable characteristic is its significantly below-average assessed value, both for the immediate street and citywide. This suggests an entry point well below the typical market, which could attract buyers looking for affordability or a project with a lower initial tax burden. It suits a pragmatic first-time buyer, an investor seeking a rental property with a manageable entry cost, or someone looking for a straightforward home without the premium of modern square footage. A thoughtful perspective is that its age and smaller size compared to city averages may translate to lower utility and maintenance costs, offering a different kind of value beyond the purchase price.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
Assessed value is for municipal tax purposes and is influenced by factors like home size, age, and features. This home's compact size and 1922 build date contribute to its lower assessment compared to larger or newer properties in the area.
2. What does "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. This is a key detail to clarify with the seller or listing agent to understand if it's a finished living space, a utility update, or something else.
3. How does the sold price history inform an offer?
The home sold previously in late 2020 for an estimated range. This provides a historical benchmark, but current market conditions, the state of the renovation, and any further updates since that sale will be critical in determining today's value.
4. Is the detached garage included?
Yes, the property includes a detached garage. Buyers should confirm its size, condition, and suitability for their needs, such as vehicle storage or workshop space.
5. What are the implications of the home's age?
Built in 1922, the home is older than most in Winnipeg. This can mean charming character but also warrants a thorough inspection to understand the condition of fundamental systems like wiring, plumbing, and the foundation, which may need updating or maintenance.