Property Overview: 359 King Edward Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1912, presents a classic character property with practical foundations. Its primary appeal lies in its above-average living space for the immediate area—at 1,222 sqft, it ranks in the top 10% of homes on King Edward Street for size—paired with a very modest municipal assessed value. This combination suggests potential value for the square footage relative to the local market. The home features a detached garage and a standard city lot, but the basement is noted as unrenovated.
The property suits a specific buyer: those seeking a character home in a central Winnipeg neighbourhood who are prepared for a project. It is ideal for a handy buyer or investor looking for a footprint with space to personalize, rather than a move-in-ready solution. A thoughtful perspective is that its lower assessed value and recent sold prices, while below the citywide average, indicate a manageable entry point into the neighbourhood. This allows for financial resources to be allocated toward updates that could significantly increase both livability and value, making it a strategic "blank canvas" in a well-established area.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
Municipal assessments are based on a mass appraisal system and reflect the home’s value relative to similar properties in its area and condition. This assessment indicates the home is valued significantly lower than the typical Winnipeg home, which is common for older, unrenovated properties in central neighbourhoods.
2. What does "above average" living area mean for this street?
It means that, compared to other homes directly on King Edward Street, this house offers more interior space than 90% of them. While average for the city overall, it provides a size advantage within its specific location.
3. Is the unrenovated basement a major concern?
It depends on your plans. It signals that significant systems (like plumbing, electrical, or foundation) may be original or dated, and finishing the space would require investment. For some buyers, this is a project opportunity; for others, it could mean immediate repair costs.
4. How stable has the home's value been?
Based on the provided sold price ranges, the home has maintained a relatively stable value bracket over recent years, with sales in 2021 and 2022. This suggests a consistent, lower-range market value for the property in its current condition.
5. Who would this property not suit?
It would likely not suit buyers seeking a modern, low-maintenance, or immediately turnkey home. The age of the property (114 years), the unrenovated basement, and the project-ready nature make it better suited for those with renovation plans or tolerance for ongoing maintenance.