Property Overview
248 Ferry Road is a classic one-and-a-half storey home in Winnipeg's King Edward neighbourhood. Built in 1912, it offers 1,050 sqft of living space on a 2,499 sqft lot. The home presents a specific value proposition, characterized by its historic charm and its position as a more modestly-sized property within its context.
Key Characteristics & Appeal
The primary appeal of this home lies in its efficiency and location. With a living area that is above average for both Ferry Road and the wider King Edward neighbourhood, it offers comfortable space without excessive upkeep. Its assessed value is notably below the citywide average, suggesting a potentially accessible entry point into the market. The lot size, while smaller than many city properties, is manageable and typical for the immediate area.
This property would suit a first-time buyer, an investor, or someone seeking a downsized, low-maintenance home in a central neighbourhood. Its historic age (1912) is a double-edged sword; it offers character but implies a greater need for attention to maintenance and systems compared to a newer build. The appeal is practical rather than luxurious, focusing on fundamentals in a established community.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
This is primarily due to the home's smaller size, older age, and the specific market dynamics of the King Edward neighbourhood compared to newer or larger suburban properties citywide.
2. What does the home’s age (1912) mean for a buyer?
It indicates classic construction and charm, but buyers should budget for potential updates to major systems like wiring, plumbing, or insulation, and anticipate a thorough inspection.
3. How does the lot size impact the property?
At 2,499 sqft, the lot is manageable for low-maintenance landscaping but offers limited space for large additions or extensive outdoor amenities. It is a typical size for homes on this street.
4. The home sold recently in 2021 and 2023. What does that indicate?
The recent sales activity could suggest a number of things, from investor turnover to a previous owner’s changed circumstances. It highlights the importance of understanding the reasons for the quick sales through due diligence.
5. Is the living space sufficient for a small family?
At 1,050 sqft, the space is functional for a small family or couple. The one-and-a-half storey design often means bedrooms are on the upper level, which should be evaluated for ceiling heights and layout suitability.