Property Summary: 310 Melrose Avenue E, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, century-old home (built 1926) on a standard city lot in the Melrose neighbourhood. Its key characteristic is its modest scale: at 800 sqft, the living area is notably smaller than most homes in Winnipeg, ranking in the bottom 10% city-wide. The lot size of 2,971 sqft is also below average for the city but is more typical for its immediate area.
The appeal lies in its efficiency and location. The property represents a more affordable entry point into the Winnipeg market, with an assessed value ($29,100) that is significantly below the city-wide average. Recent sale prices (2021 and 2023) in the $300k-$350k range performed well compared to its immediate neighbours, suggesting strong demand for well-priced homes in this area. It suits first-time buyers, investors, or downsizers seeking a lower-maintenance property without a large footprint. A thoughtful perspective is that a smaller, older home like this can offer lower utility costs and property taxes, providing a different kind of value beyond just square footage. Its consistent sales history also indicates a stable, established neighbourhood.
Section 2: Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The municipal assessed value for tax purposes ($29,100) is much lower than the expected market value, as indicated by its recent sales in the $300k-$350k range. Market value is determined by what buyers are willing to pay.
2. How does the smaller living area impact daily life?
The 800 sqft layout will require efficient use of space. It is ideal for individuals, couples, or small families comfortable with a cozy footprint. Storage solutions and multi-functional rooms may be necessary.
3. What are the implications of the home being 100 years old?
While offering classic charm, it necessitates a thorough inspection for aging components like wiring, plumbing, and the foundation. Renovation potential is a key consideration, balancing modernization costs with the home's value.
4. The lot is below average city-wide but seems typical for the street. Is that a concern?
For this neighbourhood, the lot size is common. It provides a manageable yard without excessive maintenance. The value is in its location, not in expansive land.
5. The home sold recently in 2021 and 2023. What does that indicate?
Frequent sales can suggest a desirable, turnover-friendly property in a sought-after location. It’s advisable to research why it was sold twice in a short period, but the consistent price range points to stable market acceptance.