Property Overview: 44 Barrington Avenue, Winnipeg
Key Characteristics & Appeal
This Norberry home presents a distinct value proposition centered on its land. Built in 1955, the 831 sqft house is modest in size, ranking below average for living space both on its street and within the wider city. The assessed value of $309,000 is similarly positioned below the average for Barrington Avenue, but aligns more closely with the typical home value in the Norberry area.
The primary appeal is the exceptionally large, nearly 10,000 sqft lot. It ranks in the top 1% for land size on its street and the top 8% in Norberry, offering significant outdoor space that is rare for the neighbourhood. This creates a clear opportunity: the value here is in the property's potential rather than its current structure. It would perfectly suit a buyer looking for a long-term family home with ample yard space, a DIY enthusiast or builder interested in a future expansion or rebuild, or an investor who recognizes the underlying value of a large lot in an established area. It’s a property for those who see the land as the main asset.
Frequently Asked Questions
1. Is the house in need of major updates?
Given its age (71 years), buyers should budget for updates. The below-average living area and assessed value for the street suggest the current condition may not reflect modern finishes, so a thorough inspection is essential to plan for maintenance or renovation.
2. What are the real costs beyond the purchase price?
With a large lot, consider ongoing maintenance like lawn care or landscaping. Property taxes are based on the $309k assessment, but any significant renovation or expansion could increase the future assessed value and associated taxes.
3. How does the large lot add value?
The lot is the standout feature. It provides privacy, space for gardens, recreation, or additions like a garage or workshop. In the long term, it also represents redevelopment potential that smaller lots in the area do not have, which can be a hedge against market changes.
4. How do the past sale prices inform the current value?
The home sold in the $250k-$300k range in both 2016 and 2021. The current $309k assessment indicates a stable, gradual appreciation in line with the market, suggesting a reasonably priced entry point for the area.
5. Who is this property not ideal for?
It’s likely not the best fit for someone seeking a move-in-ready, modern open-concept home without any project work. The smaller living area may also not suit those who need substantial indoor space immediately and are not considering an expansion.