Property Overview: 547 Mcadam Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in the Jefferson neighbourhood presents a straightforward, value-oriented opportunity. Its key characteristic is a significant contrast: the living space is modest at 761 sqft, below average for the area, but it sits on a notably larger-than-average lot of nearly 6,000 sqft. Built in 1922, the home has an unfinished basement and a detached garage. The appeal lies squarely in its potential. The low assessed value and recent sold price history suggest an accessible entry point into the market. This property is best suited for a hands-on buyer looking for a land-value play—someone comfortable with a smaller, older home as a starting point, with a vision to renovate or expand over time to capitalize on the generous lot size. It could also serve as a practical investment property for a landlord seeking a manageable, no-frills rental.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
Not necessarily. While the home is smaller and older, its recent sale in 2023 suggests it is habitable. The value is likely a blend of the structure and the land. A buyer could live in it while planning future improvements or an eventual rebuild, making use of the substantial lot.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's specific characteristics: a smaller, older home in its current condition. It is not directly comparable to the average Winnipeg home, which includes newer and significantly larger properties. The assessment is in line with similar, modest homes in the Jefferson area.
3. What does "below average" for living area but "above average" for land area mean practically?
It means you are purchasing more outdoor space than indoor space relative to the neighbourhood. This is ideal if you prioritize yard space, gardening, outdoor storage, or future additions. The home itself will be cozy and may require efficient use of space.
4. How reliable are the sold price ranges shown?
The ranges are based on publicly available data. For precise historical sale figures, you must request the exact sold price history via email, which the provider will send manually. This is a common practice to ensure data accuracy while complying with local regulations.
5. What are the immediate costs to consider beyond the purchase price?
Given the age of the home and the mention of an unfinished basement, buyers should budget for potential updates to major systems (like plumbing or electrical) and standard maintenance. The condition of the detached garage should also be factored into inspection priorities. The large lot may also mean higher landscaping costs or snow clearing expenses compared to properties with smaller yards.