Property Overview
This two-storey home at 593 Machray Avenue in Winnipeg's Inkster-Faraday neighbourhood presents a practical opportunity. Built in 1913, it features 1,254 sqft of living space, a detached garage, and a full, unrenovated basement on a 3,968 sqft lot. Its most recent sale in mid-2024 was in the $225k-$255k range, with a notably low municipal assessed value of $20,100.
Key Characteristics & Appeal
The primary appeal of this property lies in its position as a functional, no-frills canvas. Its living space is comfortably above average for the immediate neighbourhood, offering more room than many nearby homes. The low assessed value suggests potential for property tax savings, a significant long-term consideration often overlooked. However, the below-average land size for the street and the unrenovated basement indicate this is a home that prioritizes interior space over expansive outdoor area or move-in-ready finishes.
It would suit a value-conscious buyer, such as a hands-on homeowner willing to take on basement improvements over time, or an investor looking for a rental property with a stable footprint in a neighbourhood where the home's size is an asset. Its appeal is grounded in practicality rather than luxury, ideal for those who see the underlying metrics—like space and operating costs—as more important than cosmetic appeal.
Frequently Asked Questions
1. Why is the assessed value so much lower than the likely sale price?
Municipal assessments in Winnipeg are for tax purposes and often lag behind market values, especially following recent sales. A low assessment can result in relatively lower property taxes, which is a financial advantage for the owner.
2. What does the "unrenovated basement" typically imply?
This usually means the basement is functional but dated. It likely has finished or semi-finished space that is livable or usable for storage/utilities but would benefit from modern updates. Buyers should budget for improvements and inspect for foundational or moisture issues common in century-old homes.
3. How does the home's size compare to the area?
At 1,254 sqft, the living area is notably larger than the average home in Inkster-Faraday. This means you get more interior space for your money compared to many neighbours, though the lot size is slightly smaller than others on Machray Avenue.
4. What is the significance of the home's age (1913)?
A 113-year-old home offers classic character but requires diligent maintenance. Prospective buyers should prioritize a thorough inspection of major aging components like the roof, wiring, plumbing, and foundation to understand future upkeep costs.
5. Are the sold price ranges provided exact?
No, the listed prices are estimates based on public data. The exact sale price is available upon request from the listing service to ensure accuracy for serious buyers conducting market research.