Property Overview & Key Characteristics
This one and three-quarter storey home, built in 1893, is a piece of Spence neighbourhood history. Its key appeal lies in its generous proportions and land size. With 1,486 sq ft of living space on a 2,728 sq ft lot, the property offers more room than many in the area, ranking in the top half for size on its street. The unrenovated basement presents a blank canvas for future development.
The property’s standout characteristic is its financial profile. It carries an assessed value of $12,700, which is notably low, placing it in the top 2% of Winnipeg for low assessment. This creates a significant gap between its official valuation and its market price, which can be appealing for specific strategies. It suits a very particular buyer: an experienced renovator or investor looking for a substantial project in a central location, who understands the implications of a low assessment and is prepared for the work required on a 133-year-old home. Its value proposition is rooted in its potential and land, not in move-in-ready condition.
Frequently Asked Questions
1. What does the low assessed value mean for property taxes?
A low assessed value typically results in lower municipal property taxes compared to similar-sized homes with a higher valuation. This can improve cash flow for an investor or reduce ongoing costs for an owner.
2. The home is older than most in Winnipeg. What should I consider?
Built in 1893, it is among the oldest 1% of homes in the city. While this offers historic charm, it necessitates thorough inspections for foundational integrity, outdated wiring, plumbing, and insulation. Budgeting for these potential updates is crucial.
3. Who is this property not suitable for?
It is not suitable for first-time buyers seeking a turn-key home, those with a limited renovation budget, or anyone unable to manage a major, potentially lengthy project. The need for significant work is implied by its unrenovated state and age.
4. The "rankings" show it's in a top percentile for land size but lower for year built. How do I balance these?
This highlights the trade-off: you are acquiring a sizable lot in a central neighbourhood, which is a permanent asset, but taking on the inherent challenges and maintenance of a century home. The value is in the land and the structural envelope.
5. Why are the comparable properties so varied in assessed value?
The listed comparables in Spence show a wide range of assessed values for homes of similar age and size. This variation often reflects differences in renovation status, specific condition, and exact location. It underscores the importance of viewing the property in person to understand its specific state and potential.