Property Overview & Key Characteristics
This 1905 two-and-a-half storey home on a 3,960 sqft lot in Spence offers a classic Winnipeg character combined with practical potential. Its key appeal lies in its generous proportions and solid foundation: the 1,881 sqft living area is notably larger than many in the city (ranking in the top 13% for Winnipeg) and sits on a lot that is also above average in size for the street. The home features a detached garage and an unrenovated basement, presenting a clear opportunity for customization.
The property suits two main types of buyers. First, it’s a practical project for a hands-on buyer or investor looking for a character home with "good bones" to renovate to their own taste, especially given the unfinished basement. Second, its size and lot offer genuine value for those needing space more than modern finishes, prioritizing square footage and potential over a move-in-ready condition. A thoughtful perspective is its established neighbourhood context; while not top-tier in its immediate area, it holds its own with stable, long-term neighbours, suggesting a well-rooted, no-frills community feel.
Frequently Asked Questions
1. What does the assessed value versus the last sale price indicate?
The current assessed value is significantly lower than the 2019 sale price of $190k. This is common and reflects that municipal assessments for tax purposes often lag behind market value. It should not be used as a current market price indicator.
2. Is the unrenovated basement a major concern?
It’s a key consideration. It means there are likely immediate costs for finishing or repairs, but it also provides a blank slate for future expansion (like adding a suite or rec room) without the need to undo someone else’s work.
3. How does this property rank in its area?
The rankings show a mixed picture. The home excels in sheer size (both living area and lot) within Winnipeg broadly. On its own street and in Spence, its rankings for these size metrics are above average, but its assessed value ranks in the lower half, suggesting it may be viewed as needing updates compared to neighbours.
4. What are the implications of the home's age (built 1905)?
It offers classic charm and likely sturdy construction, but buyers should budget for age-related maintenance. A thorough inspection for the roof, foundation, wiring, and plumbing is essential to understand any needed investments.
5. Who might this property not suit?
It is not ideal for a buyer seeking a turn-key, modern home without renovation projects. Similarly, those sensitive to higher potential maintenance costs associated with older homes or preferring a neighbourhood with uniformly top-tier property rankings might want to look elsewhere.