Property Overview: 488 Jefferson Avenue
Key Characteristics & Appeal
This is a compact, one-storey home built in 1958, featuring a renovated basement. With 862 square feet of living space, it is smaller than most homes in its immediate area, citywide, and even on Jefferson Avenue itself. The lot is also notably smaller than area norms at 2,502 square feet. These factors contribute to its below-average assessed value compared to peers.
The primary appeal lies in its position as an accessible entry point into the market. The renovated basement adds functional living space, offering value beyond the main floor square footage. It suits first-time buyers or investors seeking a lower-priced property with some modern updates in place. A thoughtful perspective is that its smaller size and lot translate to lower maintenance demands and utility costs, which can be a significant, ongoing benefit. Its age places it among the newer homes in the broader Jefferson area, potentially meaning fewer major age-related issues than older neighbourhood averages.
Frequently Asked Questions
1. Is the price competitive for the area?
Yes. The home’s assessed value and prior sale price are consistently below the average for comparable homes on the same street, in the Jefferson area, and across Winnipeg. This indicates a competitively priced entry point.
2. Who would this property suit best?
It’s ideally suited for first-time homebuyers or practical investors. The smaller scale makes it manageable, and the renovated basement improves its functionality and appeal relative to its size.
3. How does the lot size impact the property?
The lot is significantly smaller than typical lots in all comparison groups. This means less outdoor maintenance but also limited potential for expansions like a large addition or garage. It emphasizes the property as a compact, efficient holding.
4. What does the "renovated basement" typically include?
While specific finishes aren’t listed, a "renovated basement" generally means the space has been finished into a livable area (e.g., drywalled, floored, with proper ceilings and lighting), as opposed to being an unfinished utility space. It should be verified if it includes a separate entrance or bathroom.
5. How can I find out the exact historical sale prices?
The exact sold prices are not published publicly. You can request this detailed history by emailing the listing service directly; they provide the figures manually without using your email for marketing.