Property Overview: 316 Melrose Avenue W
Section 1: Key Characteristics & Appeal
This home stands out for its modern build in an established neighborhood. Constructed in 2017, it is notably newer than most homes on its street, in the Melrose area, and across Winnipeg, placing it in the top 3-5% for year built. This is a primary appeal, suggesting modern construction standards, minimal immediate maintenance, and updated systems.
The living space of 866 sq ft is comfortably in the middle range for the immediate vicinity and Melrose area, but is more compact compared to the Winnipeg city-wide average. The lot size of 2,970 sq ft is also smaller than typical for the street, area, and city. This creates a specific profile: a modern, low-maintenance home on a manageable lot, suited for efficient living rather than expansive gardens or large-scale additions.
Its assessed value ranks highly on the street (top 5%) and in the area (top 8%), indicating it is viewed as a premium property within its local context. Recent sale history shows steady value appreciation. This combination suits buyers seeking a turn-key, newer home without the premium of a brand-new subdivision, such as first-time homeowners, downsizers, or investors looking for a modern property with strong local valuation. It offers a balance of contemporary comforts within the mature framework of an established community.
Section 2: Frequently Asked Questions
1. What does the high assessed value ranking locally actually mean?
It means that, compared to its immediate neighbors on Melrose Avenue W and in the Melrose area, this property is officially valued in the top tier. This often reflects its modern build year and condition relative to older homes nearby, but it's important to consider this within the context of local property taxes.
2. Is the smaller living area a concern?
It depends on your needs. The home's size is very typical for the Melrose area, where the average is around 973 sq ft. It is efficiently sized for 1-2 people or a small family. The trade-off for the modern build year is often a more compact footprint on a similarly smaller lot.
3. How does the lot size impact potential?
The lot is smaller than the average for the street. This means lower yard maintenance, but also less space for additions, large decks, or extensive landscaping. It emphasizes the home itself as the primary asset rather than the land.
4. The home sold in 2017 and 2022. What does that indicate?
The 2017 sale was likely the first sale after construction. The 2022 sale shows a resale within a 5-year period, which is a relatively short hold. Reviewing the exact sold prices (available by request) for these transactions would be key to understanding the market's momentum for this specific property.
5. Who might the nearby "reference" properties be for?
Listings like 342 Victoria Avenue W (older, smaller, lower assessment) and 363 Regent Avenue W (older, larger, lower assessment) provide context. They highlight this property's premium for its modern build, while showing that buyers prioritizing more space or a lower assessment might look at older homes in adjacent neighborhoods.