Property Summary: 940 Lorette Avenue, Winnipeg
Key Characteristics & Appeal
This home at 940 Lorette Avenue is a classic, mid-century bungalow built in 1948, situated in the established Rockwood neighborhood. With 900 square feet of living space on a 4,000 square foot lot, its key characteristic is its solidly average standing within its immediate surroundings. The data shows it is very typical for Lorette Avenue in terms of size, lot, age, and assessed value ($285k), but falls below the wider neighborhood and city averages for these metrics. This creates its core appeal: it’s an affordable, no-surprises entry point into a mature area. The home last sold in late 2023 for an estimated $200k-$250k, a price point that significantly undercuts both current assessed and area average values, suggesting potential for equity growth.
The property would suit first-time buyers or practical downsizers seeking a straightforward, lower-maintenance home without the premium of a larger or fully renovated property. Its appeal lies in offering a foothold in a stable community at a manageable scale. A thoughtful perspective is that its "average" status on the street is a strength—it’s unlikely to be over-improved or stand out negatively, offering a sense of neighborhood consistency. The modest lot size also implies less yard work, which can be a hidden benefit for those prioritizing simplicity.
Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
Not necessarily. The assessed value of $285k is for municipal tax purposes. The home's last known sale price was notably lower, between $200k and $250k in late 2023. Market conditions, property condition, and motivation will determine the final price.
2. How does the living space compare to nearby homes?
At 900 sqft, it is slightly smaller than the average home on Lorette Avenue (1,040 sqft) and for the broader Rockwood neighborhood (1,076 sqft). It is a compact, efficient layout typical of its era.
3. What does the sold price data tell us?
The previous sale falling in the $200k-$250k range places it in a very affordable tier compared to similar homes in the area. This could indicate a value opportunity or reflect the home’s condition or features at the time of that sale.
4. Can I get the exact historical sold prices for this home?
The provided data shows estimated price ranges. Due to industry rules, exact MLS sold records are not displayed here. You can request the exact figures via email from the site provider for a manually verified history.
5. What are the potential downsides of a home that is "below average" for the neighborhood?
While affordable, it may mean fewer updates or smaller proportions than some neighbors. Resale may appeal to a similar value-focused buyer pool. However, being typical for its specific street is often more important than the wider neighborhood average for day-to-day livability and cohesion.