Property Overview: 668 Spruce Street, Winnipeg
Key Characteristics & Appeal
This home presents a compelling mix of space, value, and character within Winnipeg's Minto neighbourhood. Its primary strength is its generous living area of 1,688 sqft, which ranks in the top 3% of homes on Spruce Street and the top 5% within Minto. This means it offers significantly more interior space than most comparable local properties, which average around 1,000 sqft. The appeal lies in acquiring a spacious, well-sized home in a mature area without the premium price tag often associated with such square footage in newer subdivisions.
The property suits practical buyers who prioritize interior space over a large yard, as the lot is modest for the area. It also fits those interested in established neighbourhoods with older, character homes, as it was built in 1913. A thoughtful perspective is that the relatively low assessed value ($27,600) compared to the citywide average suggests a potential tax advantage, but it also signals the older nature of the home. This is a solid choice for space-seeking buyers comfortable with the maintenance realities of a century-old house and less concerned with a sprawling lot.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
Assessed value for tax purposes is not the same as market value. This lower assessment primarily reflects the home's age (1913) and location within an older, established neighbourhood compared to newer areas of the city. It often results in lower property taxes.
2. How does the recent sale price compare to the assessment?
The home sold between $250,000 and $300,000 in 2019. This market price is substantially higher than the assessed value, which is common and highlights the difference between taxable assessment and actual market value.
3. What are the implications of the home being built in 1913?
Buyers should budget for and inspect systems typical of older homes, such as plumbing, electrical, and the foundation. However, these homes often feature solid construction and character details not found in newer builds.
4. The living area is large, but the lot is smaller than average. What does this mean?
This indicates the house occupies a significant portion of the lot. It’s ideal for those who want ample indoor living space but are not seeking extensive outdoor maintenance or yard space. Outdoor privacy or expansion potential may be limited.
5. How does this property rank for value in its immediate area?
Its assessed value is above average for both Spruce Street and the Minto area, but its living space is ranked elite. This suggests you are getting a high amount of square footage per dollar relative to your direct neighbours.