Property Overview & Key Characteristics
This 1907 one-storey home in St. Matthews presents a classic Winnipeg character property on a notably large lot. Its primary appeal lies in its combination of a generous, 2,486 sqft land parcel—ranking in the top 4% for size citywide—and a very low municipal assessed value, suggesting significant potential for the right buyer. The 912 sqft living space is compact and likely requires modernization, as the basement is noted as unrenovated. There is no garage or pool.
The property suits a specific buyer: either an investor or owner-occupant with a vision for gradual improvement or redevelopment. Its low assessment can be attractive for holding costs, while the large lot is a valuable asset in an established neighbourhood. It’s not a move-in-ready home, but a foundational property for someone comfortable with a project, whether that’s renovating the existing structure or considering the lot’s future potential. A less obvious perspective is its appeal to a multi-generational family; the large lot could allow for future additions or secondary suites, subject to zoning.
Frequently Asked Questions
1. What does the very low assessed value indicate?
A low municipal assessment typically reflects the property's current state and market value at its last evaluation. For this home, it suggests the condition and features are modest compared to the neighbourhood, which translates to lower property taxes—a key advantage for a buyer planning renovations or holding the land.
2. Is the large lot size unusual for the area?
Yes. The lot is in the top 16% on its street and top 4% in Winnipeg, making it a standout feature. This is a significant asset, offering more outdoor space and future flexibility than most nearby properties.
3. What should I expect with a 1907-built home?
You should budget for and expect older building systems, potential need for foundational or structural updates, and outdated plumbing/electrical. A thorough pre-purchase inspection is essential to understand the scope of work needed.
4. How does the unrenovated basement affect livability?
It limits functional living space and may present moisture, insulation, or accessibility issues. It represents both a current limitation and a clear opportunity to add value through a proper renovation.
5. The listing shows comparable homes with higher assessments and living areas. What does that mean for this property?
It underscores that this home is priced and assessed based on its current condition and smaller footprint. The comparables highlight the potential value increase achievable through expansion or renovation, given the favourable lot size.