Property Overview: 723 Melrose Avenue W
Key Characteristics & Appeal
This 1,014 sqft bungalow, built in 1958, presents a solid opportunity in Winnipeg's Melrose neighbourhood. Its primary appeal lies in the balance it strikes: a home that is competitively sized for its immediate area, situated on a larger-than-average lot. At 5,100 sqft, the land parcel is notably more generous than most on the street and in the local area, offering valuable outdoor space or future potential.
The home’s assessed value stands out locally, ranking in the top 6% on its street and top 8% in Melrose, suggesting official recognition of its relative worth compared to neighbours. While the living space is typical for the community, it is more compact than the Winnipeg citywide average, indicating this is a home for efficient living rather than expansiveness.
This property would suit a first-time buyer or downsizer looking for a manageable footprint in an established neighbourhood, with the added benefit of a sizable yard. It’s also a candidate for those who see value in a lot with potential, whether for gardening, expansion, or long-term redevelopment. The recent sale history shows steady value growth, pointing to a stable investment.
Frequently Asked Questions
1. How does the home’s size compare to others?
At just over 1,000 sqft, the living area is very close to the average for both Melrose Avenue West and the broader Melrose area. It is, however, notably smaller than the typical Winnipeg home, which averages around 1,342 sqft.
2. Why is the assessed value so high compared to neighbours?
The assessment of $35,700 ranks in the top 10% for the local area. This typically reflects a combination of the home’s condition, improvements, and its above-average lot size relative to nearby properties.
3. What does the lot size mean for me?
The 5,100 sqft lot is about 25% larger than the average lot on the street. This provides more private outdoor space and could offer more flexibility for additions, landscaping, or other outdoor uses compared to tighter lots.
4. Is the sale price history available?
Exact sold prices are not publicly listed. The available data indicates it sold in the $300k-$350k range in 2019 and the $250k-$300k range in 2016. The precise figures can be requested directly from the listing service.
5. What are the implications of the 1958 build date?
Built in the late 1950s, this home is newer than many on its street and in Melrose, where average build years are 1948 and 1947 respectively. This can sometimes mean updated building materials and layouts, but a thorough inspection is always recommended to understand the condition of major systems like plumbing, electrical, and the roof.