Property Overview: 701 Pandora Avenue W, Winnipeg
Key Characteristics & Appeal
This 1,436 sqft home, built in 1955, presents a compelling mix of space and land value within Winnipeg's Melrose neighbourhood. Its primary appeal lies in its generous, above-average lot size of 7,919 sqft, which ranks in the top 1% of properties in the local area. This offers significant outdoor potential—rare for the neighbourhood—whether for gardening, expansion, or simply enjoying private space. The living area is also notably spacious compared to nearby homes, ranking in the top 5% locally.
The assessed value of $250k sits below the city-wide average, suggesting the property may offer relative value, particularly for the amount of land you acquire. The home suits buyers who prioritize land size over a modern build, and who see potential in a solid, mid-century property. It’s ideal for someone looking for a project, a family wanting room to grow outdoors, or an investor attracted by a lot that significantly outperforms its local peers in size. A thoughtful perspective is that this property represents a trade-off: you’re investing more in the land itself than in the structure, which can be a strategic long-term play in a mature neighbourhood.
Frequently Asked Questions
1. How does the lot size compare to nearby properties?
The lot is exceptionally large for the Melrose area, ranking in the top 1%. At 7,919 sqft, it is nearly double the local area average of 4,166 sqft.
2. Why is the assessed value below the city-wide average?
While the land is sizable, the assessed value is influenced by the home's age (1955) and its value relative to newer or more extensively renovated properties across the wider city. It aligns more closely with averages in its immediate street and neighbourhood.
3. What does the sold price history indicate?
The home sold between $300k-$350k in 2021. This past sale price range, which was above the current assessed value, can provide context for market trends and potential valuation.
4. Is the living space larger than typical for the area?
Yes. With 1,436 sqft of living area, this home is significantly larger than most in Melrose, ranking in the elite top 5% where comparable homes average about 973 sqft.
5. Where can I see more detailed neighbourhood comparisons?
A dedicated neighbourhood analysis page is available, showing this property on a map alongside nearby homes for detailed comparison of year built, living area, assessed value, and lot size.