507 Melrose Avenue E

Property Overview: 507 Melrose Avenue E, Winnipeg

Section 1: Key Characteristics & Appeal

This home at 507 Melrose Avenue E is a practical, mid-century bungalow built in 1964. With 1,045 square feet of living space, it offers a comfortably sized layout that is typical and competitive for the Melrose area. The lot size of 3,305 square ft provides a manageable outdoor space. Its assessed value is modest, especially when viewed city-wide, indicating a potentially accessible entry point into the Winnipeg market.

The primary appeal lies in its established neighbourhood context and relative value. Within its immediate area and street, the home consistently ranks as average or above in key metrics like living area and year built, meaning it aligns well with local expectations. A thoughtful perspective is that a home which is "average" for its sought-after area often represents a stable, lower-risk purchase, insulated from the extremes of over-improvement or under-provision. It would suit first-time buyers or practical downsizers looking for a straightforward home in an established community without a premium price tag. The 1964 build date is notably newer than many neighbours, suggesting potentially fewer immediate updates related to very old infrastructure.

Section 2: Frequently Asked Questions

1. Is the assessed value the same as the market value?
No. The assessed value (28.4k) is for municipal tax purposes. Market value is determined by recent sales, condition, and demand. The last recorded sale was between $200k-$250k in 2020.

2. How does this home compare to others nearby?
Within the Melrose area, its living space is typical, its lot is slightly smaller than average, and it is a newer build than many surrounding homes. It sits comfortably in the middle of the pack for the local market.

3. What does the "Top %" ranking mean?
It shows how this property compares to a group of peers. For example, its Year Built is in the "Top 17%" on its street, meaning it is newer than 83% of comparable homes on Melrose Avenue E. A higher percentage is generally better for that metric.

4. Why is the city-wide comparison so different?
City-wide data includes all property types across Winnipeg. The home's smaller lot and lower assessed value rank lower compared to the broader city average, which includes newer suburbs and larger homes. This highlights the property's position as a characteristically central, older-neighbourhood home.

5. How can I find out the exact past sale prices?
The provided sale prices are estimated ranges from public data. You can request the exact historical sale prices by emailing via the "Get exact sold price history" link on the property page.