Property Overview: 241 Gilmore Avenue, River East, Winnipeg
Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous lot. At just under 1,000 sqft, the living space is modest and notably smaller than most homes on the street, in the neighborhood, and across Winnipeg. Built in 1958, it is also one of the older homes in the immediate area. However, these factors are balanced by an 8,774 sqft lot that ranks in the top 2% on Gilmore Avenue, offering exceptional outdoor space. The assessed value of $364k sits above the street average, suggesting the premium lot size is recognized in its valuation.
The primary appeal lies in this land potential. It suits a buyer comfortable with a smaller, older footprint who sees value in space for gardens, recreation, or future expansion. It’s a practical entry into the neighborhood, prioritizing land over finished square footage. A thoughtful perspective is that the below-average living area, while a compromise, may translate to lower utility costs and less maintenance, aligning with a simpler, more outdoor-focused lifestyle. This property would best suit a hands-on buyer, a small household, or an investor who views the large lot as the key long-term asset.
Frequently Asked Questions
1. Is the house in need of major updates due to its age?
Built in 1958, it is among the older homes on the block. While condition can vary, buyers should budget for potential updates to major systems like plumbing, electrical, or the roof, which may be nearing or past their typical lifespan.
2. How does the large lot impact property taxes?
The assessed value ($364k) is above the street average, partly due to the lot size. Taxes will be based on this assessment, so while you gain privacy and space, it comes with a corresponding tax implication.
3. Can the home be expanded or added onto?
The large lot certainly provides the physical space for an addition, deck, or garage. Any expansion would require checking City of Winnipeg zoning bylaws and obtaining the necessary permits.
4. How does the sold price history help determine market value?
The home sold between $300k-$350k in 2017. This provides a historical benchmark, but current market value will be driven by recent sales of comparable properties, current condition, and today’s market dynamics.
5. Are the living area comparisons based on exact matches?
The rankings compare this home to "comparable homes" in each scope (street, area, city). These are likely similar in type (e.g., single-family), but not identical. The data is useful for understanding general standing rather than a direct comparison to a specific model.