Property Overview: 650 Matheson Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Matheson Avenue in the Jefferson neighbourhood presents a practical opportunity. Built in 1952, its 1,028 sqft living area is modest but competitively sized for the immediate area. A key feature is the renovated basement, adding functional living space. The property sits on a roughly 5,600 sqft lot, which is above average for Jefferson, offering good outdoor potential, and includes a detached garage.
The primary appeal lies in its strong value proposition within its local context. The home's assessed value ranks significantly above average for both Matheson Avenue and the wider Jefferson area, suggesting it is viewed as a solid asset compared to its peers. This, combined with the renovated basement and decent lot size, indicates a property that has been maintained and offers a stable foundation.
This home would suit first-time buyers or practical downsizers looking for an entry into a established neighbourhood without a premium price tag. It’s for a buyer who values a larger lot and functional updates (like the basement) over a large or modernized main floor. The data suggests it’s a property that holds its own very well on its street and in its district, even if its size is more modest by city-wide standards.
Section 2: Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The home last sold in July 2020 for an estimated $27.5k-$30.5k. Its current assessed value of $35.9k is higher, which is typical as assessments aim to reflect market value over time. This increase also aligns with its above-average assessment ranking in the area.
2. Is the living space sufficient for a family?
At just over 1,000 sqft on the main floor, the living area is compact. However, the renovated basement effectively doubles the usable space, making it more viable for a small family. The above-average lot size also provides valuable room for children or pets to play.
3. What does the "above average" assessment ranking mean for taxes?
While an above-average assessment in the neighbourhood indicates the property is considered relatively valuable, property taxes are based on the mill rate applied to your assessment. A higher assessment typically results in higher taxes, but it also generally reflects stronger market value and equity.
4. How does the age of the home (1952) affect things?
A home from 1952 is newer than many on its street, which is a positive. Buyers should still budget for maintenance consistent with a 70+ year old house, such as potential updates to original plumbing, electrical, or windows, even with a renovated basement.
5. What is the significance of the detached garage?
A detached garage offers flexibility—it can be used for vehicle storage, a workshop, or extra storage without impacting the main house's layout. It may also present future potential (subject to regulations) for conversion into a studio or workspace, adding to the property's utility.