Property Summary: 308 Melrose Avenue W, Winnipeg
Key Characteristics & Appeal
This is a compact, 600 sqft bungalow built in 1946, situated on a decent-sized lot of approximately 4,455 sqft in the Melrose area. The data reveals a property of contrasts. Its living space is notably smaller than most homes in the city, ranking in the bottom 2% for size. However, its assessed value of $170K is significantly higher than the immediate area's average, placing it in the top tier locally, yet it remains well below the citywide average home value. This suggests you are purchasing a premium-priced property for the specific street and neighbourhood, but one that represents a more accessible entry point into the Winnipeg market overall.
The primary appeal lies in its efficiency and lot potential. It suits a specific buyer: someone seeking a minimalist footprint, a first-time homebuyer comfortable with a cozy layout, or an investor looking for a lower-priced rental property in the area. The lot size is fairly typical for the neighbourhood and offers room for expansion, a garden, or outdoor space that the interior lacks. A thoughtful perspective is that this home represents a "land value play" with a liveable structure—the value is heavily weighted toward the property itself rather than the building's square footage. It’s for a buyer who sees the upside in the parcel of land and is willing to accept or creatively adapt the modest living quarters.
Frequently Asked Questions
1. Why is the assessed value so much higher than the neighbourhood average?
While the exact methodology isn't disclosed, a higher assessment on a smaller, older home often reflects factors like recent sales of similar properties on the street, significant updates to the home's systems or structure, or its specific location advantages within the area.
2. Is the small living area a major concern?
It depends on your needs. At 600 sqft, it's significantly smaller than the typical Winnipeg home. It would suit a single person, a couple, or someone looking to downsize. It necessitates efficient use of space and likely has a compact layout.
3. What does the sold price range (CA$200k–250k) from 2024 tell us?
It indicates the market price was higher than the current assessed value, which is common. The sale confirms there is market demand for properties in this configuration at that price point in the area.
4. How should I interpret the lot size?
At just under a tenth of an acre, the lot is fairly average for the Melrose area but smaller than the citywide average. It provides a good balance of outdoor space without being burdensome to maintain, and it is a key asset of the property.
5. What are the main considerations for a home built in 1946?
Homes of this age may have outdated plumbing, electrical wiring, or insulation unless they have been renovated. A thorough inspection is crucial to understand the condition of the roof, foundation, and major systems, and to budget for potential updates or maintenance typical of an 80-year-old structure.