Property Summary: 221 Melrose Avenue E, Winnipeg
Key Characteristics & Buyer Appeal
This home presents a distinct profile defined by a significant contrast between its interior space and its land value. Its primary appeal is its generous 1,561 sqft living area, which ranks in the top 3% for its immediate street and neighborhood, offering substantially more room than typical local comparables. This makes it a standout for buyers seeking space in a mature area without a modern suburban footprint. The trade-off is reflected in its well-below-average assessed value and a smaller, more urban lot size, suggesting the value is concentrated in the built structure rather than the land.
The property, built in 1920, suits a specific buyer: someone prioritizing interior square footage over a large yard, who is comfortable with the character and potential maintenance considerations of a century-old home, and who sees opportunity in a lower property assessment. It’s a practical choice for families or individuals needing ample room who are budget-conscious regarding property taxes, but who may have plans for updates. A less obvious perspective is that this home’s metrics suggest it could be a relative "value play" for its space in the area, potentially appealing to buyers who view the lower assessment not just as a tax benefit, but as a base for adding value through renovations.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed value is primarily for municipal tax purposes and is influenced heavily by lot size, age, and recent sales in the area. This home’s smaller lot and older age contribute to its lower assessment compared to newer, larger-lot homes city-wide.
2. What does the "Top 3%" ranking for living area actually mean?
It means that, compared to similar properties on Melrose Avenue E, this home has more living space than 97% of them. Its interior is significantly larger than the local average of about 980 sqft.
3. Are there any concerns with a home built in 1920?
While offering classic character, a home of this age will likely have older systems (like plumbing, wiring, or the foundation). A thorough inspection is essential to understand the condition and plan for any necessary updates or maintenance.
4. How reliable is the sold price range shown from 2016?
The range is based on available public data. For the exact historical sale price, you must request it via the provided email service, as land title records in Manitoba are not freely published online.
5. The lot is smaller than average. What are the implications?
A smaller lot (2,802 sqft) means less outdoor maintenance and yard space. It indicates a more urban setting, potentially with homes closer together. This can be a benefit for those seeking a lower-maintenance exterior but a drawback for those wanting extensive gardens or private outdoor space.