Property Overview: 701 Melrose Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 701 Melrose Avenue W is a 1,013 sqft bungalow built in 1958, situated on a 4,200 sqft lot in the Melrose neighbourhood. Its core appeal lies in its strong value proposition within its immediate area. The assessed value ($30,600) ranks notably above average for both the street and the broader Melrose area, suggesting it is a well-regarded property in its local context. While its size is modest compared to the Winnipeg city-wide average, it offers more space than many comparable homes nearby.
The property would suit practical, value-conscious buyers—such as first-time homeowners or downsizers—looking for an established home in a neighbourhood of similar properties. Its above-average assessment for the area could indicate better upkeep or desirable features not captured in the basic metrics. A thoughtful perspective is that this home represents a "neighbourhood anchor" rather than a city-wide standout; its value is best understood within the context of its community, where it consistently outperforms peers. The lot size provides a decent outdoor space for the area, which is a plus for those wanting a manageable yard.
Section 2: Frequently Asked Questions
1. How does this home compare to others on the street?
It ranks above average for the street in both assessed value and year built, meaning it is likely newer and has a higher valuation than most of its direct neighbours. Its living area and lot size are around the street average.
2. Is the assessed value a reliable indicator of market price?
Not directly. The assessed value is for municipal tax purposes. However, the fact that it ranks in the top 25-27% within the Melrose area indicates that, compared to similar homes, it is considered to have greater value by the assessor, often due to condition, improvements, or location.
3. What does the sold price history from 2020 tell us?
The previous sale in the $200k-$250k range provides a historical benchmark. Its city-wide ranking for that sold price was in the top 81%, meaning it was below the city's average sale price at that time, which aligns with the home's more modest size relative to the entire Winnipeg market.
4. The home was built in 1958. What should I consider?
While newer than many homes on the street and in the area, a 68-year-old home will likely have had some systems updated. It's important to investigate the age and condition of major components like the roof, wiring, plumbing, and foundation.
5. How useful are the "rank" and "top X%" figures?
These figures are most useful for understanding how this property stacks up against a specific peer group. They show that this home is a strong performer within Melrose itself but is a more average or modest offering when compared to the entire, much more diverse Winnipeg housing market.