Property Overview & Key Characteristics
This one-storey home at 287 Ferry Road is a compact, century-old property that presents a clear value proposition. Its primary appeal lies in its affordability and lot size within Winnipeg's King Edward neighbourhood. At 760 sqft, the living space is modest and below area averages, making it a straightforward, low-maintenance footprint. The assessed value is notably low, positioning it as one of the most accessible entry points into the market. The 4,047 sqft lot is a standout feature, offering above-average outdoor space for the immediate area, which presents potential for gardening, expansion, or simply more room than newer infill properties typically provide.
This home would suit a specific type of buyer: first-time purchasers or investors seeking a low-cost entry into homeownership with a focus on land value over finished living space. It’s a practical choice for those comfortable with a home from 1918 that likely requires updates, or for an investor considering the long-term value of the lot itself. Its appeal is utilitarian rather than luxurious, offering a chance to build equity in a central location without a large initial financial outlay.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the property's age, modest size, and likely condition relative to the broader market. It's in line with older, smaller homes in this specific neighbourhood, indicating it's valued as a basic, no-frills dwelling.
2. What are the main considerations with a home built in 1918?
Prospective buyers should budget for potential updates to major systems like wiring, plumbing, and insulation. While the structure has stood for over a century, a thorough inspection is essential to understand the condition and any necessary repairs to meet modern standards.
3. Is the larger lot a significant advantage?
Yes. In an area where lots are often smaller, this property's lot is above average for the street and neighbourhood. This provides more private outdoor space and could offer future flexibility, though any expansion would be subject to local zoning and permits.
4. How does the recent sale history inform the current value?
The home sold in mid-2021 for a price range consistent with its current low assessment. This suggests a stable, low-value market position. The price history indicates it serves a niche market of budget-conscious buyers rather than experiencing rapid appreciation.
5. Who would this property not be suitable for?
It would not suit buyers looking for a move-in-ready, modern, or spacious home without renovation work. Families needing multiple bedrooms or those unwilling to manage the upkeep and potential upgrades of a century-old house may find it too limited.