Property Overview
This 950 sqft home, built in 1954 on a 4,699 sqft lot at 424 Harvard Avenue W in Victoria West, presents a specific and practical value proposition. Its assessed value of $264k is notably below the averages for its street ($443.9k) and the wider city ($390.1k), which is the defining characteristic of this listing.
The appeal lies in its position as an accessible entry point into the Victoria West neighborhood. While the home itself is smaller and older than many on its block, it sits on a lot size that is above average for the immediate area. This creates a potential opportunity for buyers willing to live in a modest footprint or those with future renovation or expansion plans, given the relatively generous land parcel.
It would best suit first-time buyers or practical investors seeking a lower-cost foothold in a central Winnipeg neighborhood. It’s a property for those who prioritize location and land size over move-in-ready condition or square footage, and who are comfortable with a home that metrics indicate requires modernization.
Frequently Asked Questions
Q: The assessed value seems much lower than other homes on the street. Why?
A: The primary factors are the home's smaller living area (950 sqft vs. a street average of 1,631 sqft) and its later build date (1954 vs. a street average of 1936). Assessment is based on current state and comparable market values, suggesting this home is more modest in scale and condition than its neighbors.
Q: What does the lot size ranking mean for this property?
A: The lot is above average for the Victoria West neighborhood but around average for the street. This means you're getting a reasonably sized urban lot for the area, which could be a positive for outdoor space or future development, compared to other neighborhood options.
Q: Is this a "fixer-upper"?
A: The data strongly suggests so. The combination of a below-average assessed value, smaller living area, and mid-20th century build date typically indicates a property that may require updates, maintenance, or modernization relative to its peers.
Q: How does this home rank for investment potential?
A: Its key investment appeal is the below-market entry price for the location. The potential for value increase would likely be tied to strategic renovations that bring the living area and amenities closer to neighborhood standards, thereby closing the gap in assessed value.
Q: Are the property taxes likely to be lower?
A: Generally, yes. Property taxes are based on the assessed value. With an assessment significantly below the local averages, the municipal tax burden should be proportionally lower, which is a practical financial consideration for the budget-conscious buyer.