Property Overview
This home at 145 Meade Street N in Winnipeg's North Point Douglas neighbourhood presents a distinct and value-oriented opportunity. Its key characteristics create a specific profile that will resonate with certain buyers.
Key Characteristics, Appeal & Ideal Buyer
The property's defining feature is its exceptionally large lot—over 8,800 square feet—which ranks in the top 1% of the neighbourhood and top 9% city-wide. This offers rare potential for gardening, expansion, or outdoor space in an inner-city area. The house itself, built in 1886, is a historic piece of the city's fabric and offers above-average living space for its immediate street. However, its age means potential buyers should be prepared for the maintenance and updating typical of a 140-year-old structure.
The primary appeal lies in its value proposition. With a low assessed value and a recent sold price placing it in the bottom tier city-wide, it represents a very accessible entry point into homeownership or a low-cost investment opportunity. The combination of a massive lot and a low price point is uncommon.
This property would best suit a practical buyer with vision. It's ideal for a hands-on owner who values land size over a modern, turn-key home and is prepared for a project. It could also appeal to an investor looking for a land-value play or a rental property with a unique characteristic, given the low acquisition cost.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed value is based on a mass appraisal system considering factors like age, location, and recent sales. This home's age, its specific neighbourhood market, and its recent sale price contribute to an assessment significantly below the Winnipeg average, reflecting its different market segment.
2. What are the implications of owning a home built in 1886?
While full of character, a home of this age requires a specific mindset. You should budget for ongoing maintenance and potential updates to systems like wiring, plumbing, and insulation. A thorough inspection is essential to understand the condition of the original structure.
3. How usable is such a large lot, and are there restrictions?
An 8,878 sqft lot offers great potential for gardens, recreation, or future outbuildings like a garage or workshop. It's important to check with the City of Winnipeg for zoning bylaws regarding setbacks, coverage limits, and permissible structures to understand what is possible.
4. The recent sold price is shown as a range. How can I get the exact figure?
The website provides sold price ranges based on public data. To obtain the exact sale price, you must request it directly from them via email, as they manually look up and provide this information outside of the MLS system.
5. The home ranks "below average" for year built on its street. Does that matter?
This ranking simply indicates most homes on Meade Street N are newer, though the street's average build year is still 1892. It highlights that this is one of the older homes on an old street, not that it's an outlier in a modern subdivision. The character and potential issues are consistent with the area's housing stock.