Property Overview
This one-storey home at 324 Berry Street in Winnipeg's King Edward neighbourhood is defined by its compact size and significant lot. At 572 sq ft, the living space is notably smaller than most homes in the area and city-wide, placing it in the bottom 1% for size. However, it sits on a substantial 4,288 sq ft lot, which is above average for the King Edward area. The home was built in 1950, making it newer than many on its street, and features a renovated basement and a detached garage. Its assessed value is significantly below the city-wide average, reflecting its modest scale.
Key Characteristics & Appeal
The primary appeal of this property lies in its land value and potential, rather than its current living space. The very low assessed value and small house footprint present a unique opportunity. It is ideally suited for a buyer looking for a land play—someone comfortable with a minimalist living situation now, with an eye toward a future expansion, rebuild, or holding the lot as an investment. It could also suit an extremely budget-conscious first-time buyer seeking entry into the market with manageable taxes and upkeep, or an investor looking for a rental property with a low cost basis. The renovated basement adds functional space, and the detached garage provides storage or workshop potential. Its appeal is niche: it’s for the buyer who sees the lot as the main asset and the existing structure as a temporary or secondary consideration.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is primarily based on the property's very small living area (572 sq ft) compared to the typical Winnipeg home. The valuation reflects the current structure, not just the land.
2. Is the house livable in its current state, given the small size?
Yes, it is a complete, functional one-storey home with a renovated basement, which effectively adds usable space. It is livable for an individual, couple, or small household comfortable with compact living.
3. What are the possibilities for expanding or rebuilding on the lot?
With a lot size of 4,288 sq ft, there is considerable potential for an addition or a future rebuild, subject to local zoning bylaws and permitting. The existing home's small footprint leaves ample room on the lot.
4. How does the sold price history from 2019 relate to today's market?
The 2019 sale in the $17.5k-$20.5k range is a historical data point and reflects the market conditions and property state at that time. Current value would be influenced by factors like the renovation work, recent market trends, and the property's ongoing unique characteristics.
5. What is the neighbourhood like, and how does this property fit in?
King Edward is an established Winnipeg neighbourhood. This property is atypical for the area due to its very small house size, but its lot is consistent with others on the street. It offers an affordable entry point into the neighbourhood.