Property Overview
289 Forrest Avenue is a compact, one-storey home built in 1920, situated on a standard-sized lot in Winnipeg's Jefferson neighbourhood. Its key appeal lies in its position as an accessible entry point into the housing market. The home presents a straightforward, no-frills opportunity, with a detached garage and an unfinished basement offering basic utility and potential.
Key Characteristics & Ideal Buyer
This is a modestly-sized home at 760 sqft, which is smaller than most in its immediate area, neighbourhood, and city-wide. Its assessed value is notably below the city average, aligning more closely with the averages on its own street. This creates a specific dynamic: while the house itself is compact and dated, its value is anchored more by its location on Forrest Avenue than by its size or condition. The property would suit a pragmatic first-time buyer, an investor looking for a rental property with a lower entry cost, or someone seeking a minimal footprint. Its appeal is not in luxury or space, but in affordability and the chance to build equity in a well-located lot, with the understanding that any modern comfort or increased space would come from future investment and renovation.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's smaller size, age, and unrenovated condition compared to the broader Winnipeg market. It is more in line with values on its own street, suggesting the local market for compact, older homes is priced differently than the city-wide average.
2. What does "below average" for living area mean for daily life?
With 760 sqft of living space, the home is cozier than many. It likely means fewer or smaller rooms, requiring efficient use of space. It's manageable for a single person, a couple, or a very small family comfortable with a simpler layout.
3. Is the unfinished basement a drawback or an opportunity?
It's both. It's not finished living space, so it doesn't add to the home's comfort or immediate functionality. However, it provides essential storage, mechanical space, and represents the single biggest opportunity to add value and usable square footage through a future renovation.
4. How does the year built (1920) affect the property?
A home of this age will likely have older building materials and systems. Buyers should budget for maintenance and updates. Conversely, it may be situated on a mature street with established trees and a settled neighbourhood feel that newer areas lack.
5. The home sold in 2021 for a much lower price. What does that indicate?
The prior sale price suggests the property has been a consistent entry-level option in the market. It highlights its role as an affordable asset. This history is important for understanding its market niche, but the current assessed value and market conditions will determine its present value.