Property Overview: 293 Ferry Road, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1918, situated on a standard-sized lot in the King Edward neighbourhood. Its key characteristic is affordability, underscored by a very low municipal assessed value that places it in the bottom 15% citywide. The 800 sqft living area is modest, ranking below the city average but more typical for its immediate area and street. It features a detached garage and an unrenovated basement.
The primary appeal lies in its position as a potential entry point into the Winnipeg market, offering a low barrier to entry for land ownership. It suits a specific type of buyer: the hands-on individual or investor looking for a foundational asset rather than a move-in-ready home. This could be a first-time buyer prepared for gradual renovations, or an investor seeing value in the lot and the basic structure. Its older age and unrenovated state mean the appeal is rooted in potential and location, not current finish or size.
A less obvious perspective is that its consistently low rankings across metrics (size, value, age) for the city actually highlight its stability within its local context—on Ferry Road and in King Edward, it’s much closer to the average, suggesting it’s a characteristic property for this specific, more affordable enclave.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is based on a municipal evaluation for tax purposes and reflects factors like the home's age, size, condition, and recent sales in the area. This valuation indicates it is a more basic property in an affordable neighbourhood, not a reflection of potential market sale price.
2. What does "unrenovated basement" typically imply?
This usually means the basement space is in original or utilitarian condition, likely lacking finished walls, ceilings, or modern flooring. It presents functional space for storage or utilities but would require significant work to become a finished living area.
3. How does the lot size compare, and what are the implications?
At just under 4,000 sqft, the lot is below the Winnipeg average but is standard for the King Edward area. This provides adequate outdoor space for a garden or patio but may not allow for major expansions without variances.
4. The home is over 100 years old. What should I consider?
While older homes have charm, they often require updates to mechanical systems (plumbing, wiring, heating) and insulation. The unrenovated state suggests these original systems may still be in place, so a thorough inspection is essential to understand modernization needs.
5. The sold price history shows a range. How can I get the exact figure?
The listing service provides estimated ranges from public data. To obtain the precise historical sale price, you must request it directly from them via email, as they manually verify and disclose this information.