Property Overview: 282 Amherst Street
Key Characteristics & Appeal
This one-storey home on Amherst Street in Winnipeg's King Edward neighbourhood presents a practical opportunity. Built in 1941, it sits on a notably generous lot for the area (over 4,600 sq ft), offering above-average outdoor space compared to local peers. The 1,079 sq ft living area is comfortably sized for the street and neighbourhood, ranking in the top quarter of comparable homes. It features a detached garage and an unrenovated basement, indicating a property with solid fundamentals but room for personalization.
The appeal lies in its strong positional value within its immediate context. The home's assessed value ranks highly for both Amherst Street and the broader King Edward area, suggesting it is a well-regarded property in its local market. This makes it a sensible choice for a value-conscious buyer—perhaps a first-time homeowner, an investor, or a downsizer—who prioritizes a good lot size in an established neighbourhood over a move-in-ready finish. It’s a property that suits someone comfortable with a project, where the value is in the land and the structure's potential rather than in recent upgrades.
Frequently Asked Questions
1. What does the assessed value ranking actually mean?
The rankings show this home’s assessed value is in the top 25% for the King Edward neighbourhood, meaning it is valued higher than most comparable homes nearby. This often reflects a combination of its larger lot and living area relative to area norms.
2. Is the unrenovated basement a major concern?
It indicates the lower level is in original or functional condition, not modernized. This isn’t inherently a problem, but it should be factored into inspection and budgeting. It represents both a current cost-saving on taxes (as finished areas can increase assessment) and future potential.
3. How does the lot size compare to a typical Winnipeg property?
While the lot is above average for King Edward, it is closer to the city-wide average. This highlights a key point: lot sizes in older, central neighbourhoods are often smaller. Here, you’re getting a larger-than-usual parcel for this specific, well-established area.
4. The last sale was around 2017. What should I consider?
A sale eight years ago suggests the current sellers may have owned the property for a period. It’s wise to inquire about any updates or maintenance done during their ownership, as systems like roofing or plumbing may be due for attention given the home's age.
5. Who would this property not suit?
It likely isn’t the best fit for buyers seeking a turn-key, modern home without any immediate projects. The unrenovated basement and the age of the home imply that some updates or maintenance will be part of homeownership. It's better suited to those with a vision for gradual improvement.