Property Overview: 248 Margaret Avenue
Key Characteristics & Appeal
This home at 248 Margaret Avenue in Winnipeg's Margaret Park neighbourhood presents a specific and compelling value proposition. Its key characteristic is a notable imbalance between its lot size and its assessed value. The property sits on a generous 4,997 sqft lot, which ranks in the top 21% for size on its street, offering above-average outdoor space potential for the area. However, its assessed value is significantly below average both locally and city-wide. This combination suggests a property where the land may hold substantial value relative to the current improvements.
The primary appeal lies in this value-oriented foundation. It suits two main types of buyers: first, the practical investor or homeowner looking for a solid lot in a mature neighbourhood with the vision to update or expand the existing 1,178 sqft dwelling (built in 1924). Second, it appeals to the value-conscious buyer prioritizing lot size over a modern or recently renovated home, who sees potential in the disconnect between the land asset and the current valuation. It’s a property that asks for a future-focused perspective, where the appeal is not in move-in-ready perfection but in the underlying opportunity.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's current state as of the last assessment. For a home built in 1924, the value reflects the age and condition of the structure itself. The lower assessment highlights that the significant value here is likely in the land asset, not the existing building.
2. What does the sold price range from 2022 indicate?
The previous sale in the $300k-$350k range provides a recent market benchmark. It shows that buyers have recently paid a premium over the assessed value, indicating market recognition of the property's potential beyond the official tax assessment.
3. Is the larger lot size a benefit or a burden?
It is generally a strong benefit, offering more privacy, space for gardens, play, or additions, and future development potential. However, it may come with slightly higher maintenance (like lawn care) and property taxes compared to neighbouring homes on smaller lots.
4. What should I consider about a house built in 1924?
While offering classic charm and potentially sturdy construction, a home of this age will very likely require investments in updating major systems (like plumbing, electrical, or insulation) to meet modern standards and efficiency. A thorough inspection is essential.
5. How reliable are the "top percentile" rankings provided?
These rankings are useful for quick, at-a-glance comparisons against immediate neighbours and the wider city. They accurately show that this home has a larger-than-average lot for its street but an older and lower-assessed home. They are a snapshot for comparison, not a verdict on quality.