Property Overview: 275 Parkview Street, Winnipeg
Key Characteristics & Appeal
This home is a classic one-and-three-quarter storey house built in 1918, presenting a practical opportunity in Winnipeg's King Edward neighbourhood. Its key appeal lies in its position as an affordable entry point into the housing market. With 976 square feet of living space and a standard lot for the area, it offers the essentials for comfortable living. The home features a basement, though it is noted as not renovated, and does not include a garage or pool.
The property’s data reveals a nuanced story. While its size and age are typical for its immediate street and neighbourhood, it stands out for its notably low assessed value compared to both local and city-wide averages. This creates a distinct value proposition: it's a chance to secure a home in an established area at a below-market cost, with the understanding that it may require updates. This would suit first-time buyers, investors looking for a hold-and-renovate property, or downsizers seeking a manageable footprint without a premium price tag. A thoughtful perspective is that its very "averageness" in the local context is its strength—it’s a straightforward property without the premium for modern finishes or extra square footage, allowing the next owner to add value according to their own needs and budget.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics and market activity in its immediate area. This home’s value is more in line with King Edward neighbourhood averages, which are generally lower than the broader Winnipeg average, reflecting local market conditions and the home’s vintage and features.
2. What does "basement, not renovated" typically imply?
This usually indicates the basement is in functional, original, or utilitarian condition. It likely has foundational living space, laundry, and storage, but may lack modern finishes, an updated ceiling, or moisture-proofing. Buyers should budget for potential updates or inspections.
3. How does the lack of a garage affect daily living and value?
On-street parking is the standard for this property. This is common for homes of this era in the area and is factored into the price. For buyers, it means considering parking permits, winter plug-in access for vehicles, and alternative storage solutions.
4. The home sold in late 2021. What can that price tell me?
The sold price range from 2021 provides a historical benchmark, showing the home’s market value at that time. It’s a useful data point, but the current market value will be influenced by conditions, interest rates, and any changes made to the property since that sale.
5. Is a home from 1918 a concern?
Homes of this age offer charm and solid construction but require diligent attention. Prospective buyers should prioritize a thorough inspection focusing on the foundation, roof, wiring, plumbing, and insulation to understand the home’s condition and plan for any necessary maintenance or upgrades.