Property Summary: 325 Madison Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home in Kensington presents a compelling blend of established character and relative value. Built in 1945, it is notably older than many city homes, yet it is among the newer properties on its own street, suggesting a well-established, stable neighborhood. With 1,141 sqft of living space, it offers more room than most comparable homes in both the immediate area and the wider Kensington neighborhood, providing a sense of space that can be rare for the price point.
Its primary appeal lies in its strong positioning within the local context. The home ranks above average for both living area and assessed value on Madison Street itself, indicating it is a solid performer in its specific micro-market. For a buyer prioritizing the Kensington area, it represents a home that is physically larger than many alternatives. The lot size is typical for the area, offering standard outdoor space without excessive maintenance.
This property would suit a pragmatic first-time homebuyer or an investor looking for a character home in a mature neighborhood without paying a city-wide premium. It’s for someone who values neighborhood comparables over city-wide averages, understanding that a home that stands out favorably on its own street can represent a smart, grounded purchase. The historical sold price data suggests steady appreciation, appealing to those with a long-term view.
Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The assessed value of $24.5k is for municipal tax purposes and is historically low for Winnipeg. Market value is determined by what buyers are willing to pay, as hinted at by the prior sold prices in the $23.5k-$26.5k range. Always rely on a current market evaluation.
2. How does the age of the home (1945) affect it?
While older than the Winnipeg average, it’s actually newer than many homes on Madison Street. This means potential for classic construction quality but also necessitates a thorough inspection for aging components like wiring, plumbing, and the roof, common for homes of this era.
3. The home has no basement or garage. How big of a drawback is this?
This limits storage and utility space. It suits buyers looking for a simpler, lower-maintenance footprint but requires creative storage solutions. The value is concentrated in the main living areas and the lot.
4. The city-wide rankings for value and year built seem low. Should I be concerned?
Not necessarily. This highlights the importance of local context. The home is priced for its specific neighborhood, not the entire city. Its stronger rankings within Kensington and on Madison Street itself are more relevant for livability and local resale.
5. Where can I see the exact historical sold prices?
The exact sold prices are not publicly displayed in detail. As noted on the listing, you must request this information via email from the service, which provides the precise figures manually.