Property Overview & Appeal
This one-storey home on a large 4,308 sqft lot in Spence presents a clear value proposition centered on land potential and location. Its key characteristic is the significant disconnect between its very low assessed value and its above-average lot size, which ranks in the top 13% for the neighbourhood. Built in 1905, the 1,218 sqft house includes a basement but is unrenovated, positioning it firmly as a project or investment opportunity rather than a move-in-ready home.
The appeal lies in its foundational strengths: a substantial lot in a central Winnipeg neighbourhood, offering potential for renovation, expansion, or future redevelopment. It suits hands-on buyers, such as investors looking for a land-value play, contractors seeking a personal project, or first-time purchasers with the skills and budget to gradually restore a character home. A less obvious perspective is its potential appeal to those interested in sustainable living; the large lot could support a substantial garden, urban homestead, or other green initiatives not feasible on a standard city plot.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby properties?
The assessed value is primarily based on the current state and market value of the existing structure. Given the home's age and unrenovated condition, the value is largely in the land itself, which is reflected in the low assessment.
2. What does the "Top X%" ranking for lot size mean?
These rankings compare this property to others in the immediate area. For example, its lot size is larger than 87% of lots in the Spence neighbourhood, indicating it is a notably spacious parcel for the location.
3. Is this a good candidate for a full renovation?
For a buyer with a sufficient renovation budget and timeline, the solid lot size and one-storey layout provide a good foundation. A thorough inspection is essential to understand the full scope of work needed for a 121-year-old home.
4. What is the neighbourhood like?
The Spence neighbourhood is a central, established community in Winnipeg. Prospective buyers should visit at different times to gauge the area's character and explore local amenities to see if it aligns with their lifestyle.
5. Could this property be considered for a tear-down and rebuild?
Given the low assessed value and the size of the lot, this is a likely scenario for many investors. Any rebuild plans would need to comply with local zoning bylaws, which should be investigated prior to purchase.