Property Overview: 296 Marjorie Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1918, situated on a modest lot in the King Edward neighbourhood. Its key characteristics are defined by its scale and value proposition. At 752 sqft, the living space is notably smaller than most homes on its street, in the area, and across Winnipeg. Similarly, the lot size of 2,331 sqft is below the local averages. The home features a basement that is present but not renovated, and there is no garage or pool.
The primary appeal lies in its accessibility and potential. With an assessed value significantly below city and area averages, it represents a clear entry point into the Winnipeg housing market. It suits first-time buyers or investors seeking a lower-cost foothold in the city. The unrenovated basement presents a blank canvas for future expansion or improvement, offering a way to add value over time. A thoughtful perspective is that its smaller size and lot translate to lower maintenance demands and utility costs, which can be a significant, ongoing benefit. It’s a practical choice for those prioritizing financial efficiency and the opportunity to customize, rather than move-in-ready perfection.
Frequently Asked Questions
1. Is this a "tear-down" property?
While the home is older and smaller than area averages, its assessed value suggests it is likely a functional dwelling. Its potential is more aligned with renovation and updates rather than a guaranteed candidate for demolition, which would depend heavily on specific buyer plans and local redevelopment rules.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home's smaller size, age, and lack of recent major renovations compared to the broader Winnipeg market. It is more in line with values within its immediate King Edward neighbourhood, indicating it's priced for its local context.
3. What are the implications of having a non-renovated basement?
This means the basement is in its original or utilitarian state. It offers potential for future living space, storage, or utility area, but any development would require appropriate permits, investment, and likely addressing foundational elements like moisture control and insulation common in century-old homes.
4. How does the lack of a garage affect daily living?
Buyers should plan for street parking. This is common in the area, but it requires consideration for vehicle security, winter plug-in access, and navigating any seasonal parking restrictions.
5. The sold price history shows a very low sale in 2016. Is that relevant today?
That historical data points to the property's long-standing position as an affordable entry point. However, market conditions have evolved significantly since 2016. It is best used as a marker of the property's history rather than a direct indicator of its current market value.