Property Overview: 688 Spruce Street, Winnipeg
Section 1: Key Characteristics & Appeal
This home, built in 1914, presents a classic character property with a practical layout. Its primary appeal lies in its efficient use of space. At 1,168 sqft, the living area is notably larger than many similar homes on its street and in the immediate Minto area, offering more interior room than typical peers. This makes it a standout for buyers seeking above-average space in a mature neighbourhood without a sprawling footprint.
However, the property is defined by clear trade-offs. The lot is compact at 2,324 sqft, significantly smaller than most in the city, which means minimal yard maintenance but limited outdoor private space. Its assessed value is modest compared to the Winnipeg city-wide average, suggesting a potentially accessible entry point into the market.
This home would best suit a pragmatic first-time buyer or an investor looking for a character home with a manageable size and lower property tax burden. It’s less suited for those prioritizing a large yard, new construction, or a property at the city-wide average for lot size. A thoughtful perspective is recognizing its value as a "right-sized" home: it offers more interior room where you live daily, while its smaller lot reduces upkeep costs and time.
Section 2: Frequently Asked Questions
1. Is the smaller lot size a major disadvantage?
It depends on your lifestyle. The lot requires minimal maintenance, which is a benefit for those with busy schedules or who dislike yard work. However, it offers limited space for gardening, large gatherings, or future expansions like a sizable deck or addition.
2. How does the 1914 build year affect the property?
As a 112-year-old home, it likely has classic charm but may also require more diligent maintenance or updates to older systems (like plumbing or wiring) compared to a newer build. A thorough inspection is essential.
3. The assessed value seems low. Does that indicate a problem?
Not necessarily. The assessment is significantly below the city-wide average but is consistent with homes in its immediate area. This typically results in lower property taxes, which is a financial positive, but it also reflects the home’s age, lot size, and local market values.
4. How has the property's value changed recently?
Based on available data, the home sold between $250k-$300k in 2023 and $200k-$250k in 2020. This indicates market appreciation, but for precise sold prices, you must request the exact history via email from the listing service.
5. What does "above average" living area really mean for this home?
While the home is compact by overall city standards, it is spaciously configured compared to its closest neighbours. You are getting more interior square footage than most homes on Spruce Street and in the Minto area, which is a key advantage in this location.