Property Overview & Key Characteristics
This 1918 one-storey home on Collegiate Street presents a classic Winnipeg character property with significant potential. Its primary appeal lies in the combination of a large, 5,423 sqft lot in the established King Edward neighbourhood and a price point that reflects a home ready for personalization. The detached garage and full (though unrenovated) basement add functional value.
The home suits a specific buyer: those seeking an entry point into a mature neighbourhood who are prepared for a project, whether a gradual live-in renovation or a future rebuild. Its smaller living footprint (730 sqft) is balanced by the rare opportunity for substantial outdoor space, ranking in the top 12% for lot size locally. Recent sale history shows steady value appreciation, suggesting a solid foundation for investment. A thoughtful perspective is that this property offers more "land value" than "structure value" at present, appealing to buyers whose vision extends beyond the existing floorplan.
Frequently Asked Questions
1. What does "not renovated" for the basement imply?
It indicates the basement is functional and intact but has not been modernized or finished to contemporary standards. Buyers should budget for potential updates to insulation, flooring, or layout.
2. How does the smaller living area (730 sqft) compare to the neighbourhood?
While below the neighbourhood average, the home's living area is still in the top 19% for King Edward, reflecting the mix of historic, compact homes and newer, larger builds in the area.
3. The assessed value is $21.7k, but it last sold for $24.5k in 2020. Why the difference?
Municipal assessed value for tax purposes often lags behind current market value. The steady increase in sale price over recent years is generally considered a stronger indicator of market trajectory.
4. Who would this property not be suitable for?
It may not suit those seeking a move-in-ready home without any projects, or families requiring immediate, extensive living space. The appeal is geared toward vision-driven buyers or investors.
5. What is the significance of the lot size ranking so highly?
A lot size in the top 9% on its street and top 12% in the neighbourhood is a standout feature. It provides rare space for gardens, recreation, additions, or future redevelopment in a central area, which is a key long-term asset.