Property Overview: 156 Youville Street, Norwood East, Winnipeg
Section 1: Key Characteristics & Appeal
This 770 sqft home, built in 1912, presents a distinct value proposition in Winnipeg’s Norwood East neighborhood. Its key characteristic is its below-average assessed value of $249k, which is notably lower than averages for the street, area, and city. This positions it as one of the more accessible entry points into the market. The appeal lies in its potential as a starter home, a downsizing option, or a strategic investment property. The lot, while smaller than area norms at 3,294 sqft, offers manageable outdoor space with less maintenance.
The home would suit practical, budget-conscious buyers looking to build equity in a central location. It’s a candidate for those willing to live with a compact footprint or who see potential in a historic property. A less obvious perspective is that its lower value and smaller size could translate to proportionally lower property taxes and utility costs, offering long-term affordability beyond the purchase price. It may also attract buyers interested in a "land value" play, where the location holds more future potential than the current structure.
Section 2: Frequently Asked Questions
1. How does the living area compare to nearby homes?
At 770 sqft, the living space is below the average for Norwood East (1,162 sqft) and significantly smaller than most homes on Youville Street (avg. 1,231 sqft). This indicates a compact, efficient layout.
2. Is the assessed value a good indicator of the likely selling price?
The assessed value of $249k is a municipal valuation for tax purposes. Market price is determined by buyer demand. Notably, this assessment is well below area averages, which could attract competitive interest if priced accordingly.
3. What should I consider about a home built in 1912?
A 114-year-old home likely has historic charm but requires a diligent inspection for foundational integrity, wiring, plumbing, and insulation. Modernization and maintenance history will be key factors in its condition and value.
4. How does the previous sale price inform its current value?
Records show it last sold between $150k-$200k in 2016. While this shows appreciation, the exact figure is not publicly listed here. Major market shifts and any improvements made since then would significantly impact the current value.
5. The lot is smaller than others on the street. Is this a disadvantage?
The 3,294 sqft lot is smaller than the street average (5,405 sqft). This means less yard maintenance and potentially less privacy, but it also may contribute to the lower assessed value, making homeownership here more accessible.