Property Overview: 117 Melrose Avenue E, Winnipeg
Key Characteristics & Appeal
This home presents a distinct profile defined by its contrasts. Built in 1914, it is a century-old property situated on a modestly sized lot. Its primary appeal lies in its above-average interior living space (1,122 sq ft) for both its immediate street and the broader Melrose area, ranking in the top 21%. This suggests a home that may feel more spacious inside than its exterior or neighbourhood peers imply.
However, this interior space comes with notable context. The assessed value is significantly below average (top 94-95%), which indicates a very low property tax assessment but also reflects the home’s age, lot size, and likely the need for updates or specific maintenance inherent to a 112-year-old structure. The lot itself is smaller than most in the city.
This property would best suit a pragmatic buyer who values interior square footage over land size and is prepared for the realities of an older home. It could be a strategic entry point into the market for a hands-on individual or investor, where the lower assessed value and recent sold price history (in the $200k-$250k range in 2024) may offer room for renovation and value growth. It’s less suited for those seeking a modern, move-in-ready property or a large outdoor space.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on factors like the home's age (1914), the smaller lot size, and the property's characteristics relative to others. A low assessment typically results in lower property taxes, but it often correlates with an older home that may require investment.
2. The living space is above average for the area, but the lot is small. What does this mean for the property?
This combination suggests a home that may have been extended or efficiently uses its footprint. It offers more indoor living area than many neighbours but provides less outdoor private space. The focus here is on the interior.
3. What should I consider specifically due to the home’s age (1914)?
Prospective buyers should prioritize thorough inspections for foundational integrity, plumbing, electrical systems (which may not be original but likely have been updated over time), and insulation. Heritage charm comes with the responsibility of maintaining an older structure.
4. The sold price jumped from the $150k-$200k range in 2023 to $200k-$250k in 2024. What does this indicate?
This increase suggests rising market interest or potential improvements made to the property. It’s essential to request the exact sold price history and understand what, if any, changes occurred between those sales to gauge current value accurately.
5. How meaningful are the “top percentile” rankings provided?
They provide crucial context. For example, ranking in the “top 21%” for living area is positive, meaning it’s more spacious than 79% of peers. Conversely, being in the “top 94%” for assessed value means it is assessed lower than 94% of homes—a double-edged sword of lower taxes but a marker of lower official valuation. Always compare these metrics together for a full picture.