Property Overview
This home at 162 Matheson Avenue E in Winnipeg's Luxton neighbourhood presents a specific and practical value proposition. Built in 1907, its key characteristic is a larger-than-average lot for the area (5,737 sqft), offering more outdoor space than many nearby properties. The house itself is modest in size at 988 sqft, with a below-average assessed value, indicating a straightforward and affordable entry point into the market.
Its appeal lies in its potential and land value rather than turn-key luxury. It suits first-time buyers, investors, or handy homeowners looking for a character home with room to grow, garden, or expand, all while keeping initial costs lower. A thoughtful perspective is that while the home's metrics like living area and year built rank below average, its above-average lot size in Luxton provides a tangible asset—land—that is finite and often a driver of long-term value. It’s a property that asks for a vision focused on the parcel of land as much as the existing structure.
Frequently Asked Questions
1. What does the "below average" ranking for Year Built mean for me?
A 1907 build date means the home has character but likely requires attention to older components like wiring, plumbing, or insulation. A thorough inspection is essential, and budgets should account for updates and maintenance typical of a century-old home.
2. The assessed value seems low. Does that mean it's a bargain?
A below-average assessed value generally correlates with lower property taxes, which is a positive. However, it also reflects the market's valuation of the current state and size of the home. The "bargain" aspect is tied to the land size and the opportunity to add value through renovations or additions over time.
3. How significant is the lot size?
Very. The lot is larger than 83% of properties in Luxton. This is the home's standout feature, providing rare space for privacy, recreation, gardening, or future projects like a shed, garage, or expansion that wouldn't be possible on a standard city lot.
4. Who would this property not suit?
It may not suit buyers seeking a modern, low-maintenance, or immediately move-in-ready home without any projects. Those unwilling to manage the upkeep or potential renovations of an older house might find it challenging.
5. The last sale was between $200k-$250k in 2022. What does that tell us?
This recent sale price provides a solid benchmark for the home's market value just a few years ago. It confirms the property's position as an affordable entry point and suggests any current asking price should be evaluated against any changes made since that sale and current market conditions.