Property Overview: 274 Ferry Road, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in King Edward is a classic Winnipeg character property, built in 1914. Its primary appeal lies in its position as an accessible entry point into homeownership or a strategic investment opportunity. With a living area of 752 sqft and an assessed value significantly below city averages, it represents one of the most budget-conscious options on the market.
The appeal is grounded in practicality and potential. The house sits on a 2,492 sqft lot, which is modest but typical for the central neighbourhood. It features a basement (not renovated) and no garage. Recent sale history shows steady value increases, suggesting the area is active and the property holds its worth.
This home would best suit a first-time buyer comfortable with a smaller, older home that needs updates, or an investor looking for a straightforward rental property with a low entry cost. It also appeals to those prioritizing location and lot ownership over modern finishes or square footage. A less obvious perspective is its potential for someone seeking a minimalist footprint or a creative "blank canvas" project, where the historical charm provides a foundation for personalized renovation over time.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home's smaller size, age, and specific market conditions in the central King Edward neighbourhood, which generally features more modest, older homes compared to newer suburban areas.
2. What does "below average" in the rankings mean for a buyer?
While the home ranks below average in size, value, and land area compared to broader city metrics, it is much more typical for its immediate street and neighbourhood. This indicates you are purchasing a standard property for this specific, established community.
3. The home sold in 2022 and again in 2023. Is that a concern?
The quick resale could indicate an investor flip or a change in an owner's circumstances. The sold price increased between those two dates, which generally points to a strengthening market or value-added improvements, not a loss in desirability.
4. What are the implications of having a basement that is "not renovated"?
This means the basement is in original or functional condition, but not modernized. It provides valuable utility and storage space but should be inspected for moisture issues, insulation, and mechanical systems common in century-old homes.
5. How does the age of the home (1914) affect maintenance?
A 110-year-old home has character but requires a proactive maintenance mindset. Buyers should budget for potential updates to wiring, plumbing, and insulation, and prioritize a thorough inspection to understand the condition of the foundation, roof, and windows.