Property Overview & Appeal
This one-and-a-half storey home on a 2,500 sqft lot presents a straightforward opportunity in Winnipeg's St. John's neighbourhood. Its key characteristic is its modest scale, with 804 sqft of living space, an unrenovated basement, and no garage. Built in 1926, it is a century-old property that appeals primarily through its land value and location fundamentals rather than its finishes.
The appeal lies in its data-backed standing within the market. The lot size ranks in the top 1% on its street and top 4% city-wide, indicating a disproportionately large yard for the area—a significant asset. While the home itself is compact, its assessed value has risen steadily, from $13,600 in 2018 to $19,500 at its last sale in 2020, suggesting a solid trajectory in a stable, established community.
This property would suit a practical, value-oriented buyer. It's a potential fit for a first-time homeowner comfortable with a "live-as-is" or gradual improvement plan, or an investor looking for a manageable rental property with a strong land component. Its size and price point make it an accessible entry into the market, with the lot offering future potential that smaller, modern infill lots cannot match.
Frequently Asked Questions
1. What does "one-and-a-half storey" typically mean for a 1926 home?
This style usually features a main floor with principal rooms and a second floor under sloping roof lines, creating smaller or cozier bedrooms. For this era, expect character details like plaster walls and original woodwork, but also the need for updates to mechanical systems like wiring and plumbing.
2. The lot ranks very high, but the living area is modest. What does this mean?
It highlights that the property's primary long-term value is in the land itself. The house occupies only a portion of the lot, which could be a benefit for future expansion, gardening, or outdoor space, but it also means you are buying significantly more land than living space compared to newer homes.
3. How significant is the lack of a garage?
For this neighbourhood and price point, it is common. Buyers should budget for alternative parking and storage solutions. The large lot does provide space to potentially add a garage or shed in the future, subject to local bylaws.
4. The assessed value is $19.40k, but it sold for $19.50k in 2020. What does this indicate?
It suggests the property's municipal assessment is closely aligned with its recent market value. This can be a sign of market stability for the area, but prospective buyers should always seek a current market evaluation, as prices may have shifted since late 2020.
5. The basement is noted as "not renovated." What should I anticipate?
Prepare for a functional but unfinished space typical of the era—likely concrete floors, exposed joists, and basic utility setup. It provides storage and houses mechanical systems but would require significant investment to convert into livable space. Check carefully for any moisture or foundation issues common with older homes.