Property Summary: 683 Ross Avenue, Winnipeg
Section 1: Overview & Appeal
This West Alexander two-storey home, built in 1905, presents a classic character property with significant upside. Its key appeal lies in the combination of a large, 4,581 sqft lot—ranking in the top 18% for size on its street—and a recently renovated basement, adding modern functionality to a historic home. While the living space (1,452 sqft) is comfortably sized, the true value is in the land and location, situated in a well-established neighbourhood close to downtown.
The property suits two main types of buyers. First, the practical long-term investor or homeowner who recognizes the value of a large lot in a central area, viewing it as a solid canvas for future expansion or landscaping. Second, it appeals to those seeking a character home without a full restoration project, as the basement renovation provides a key modern update. A thoughtful perspective is that this home represents a balance: it offers the charm and space of an older property while ranking in the top 2% city-wide for age, meaning it’s among Winnipeg’s more historic homes—a point of pride for the right buyer.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
This is common for older character homes. The municipal assessment is primarily for tax purposes and often lags behind market value, which is influenced by factors like renovations, lot size, and recent comparable sales that aren't fully captured in the assessment.
2. What does the "renovated basement" entail?
The details of the renovation are not specified here. A prospective buyer should inquire about the scope, permits, and quality of finishes to understand if it’s a cosmetic update or a full legal conversion, and to check for any moisture issues common in older basements.
3. The home is among the oldest in Winnipeg. Should I be concerned?
It indicates a need for diligent inspection. While it offers undeniable character, a home from 1905 will likely have older systems (plumbing, wiring, foundation). The upside is proven durability and potential heritage charm, but budgeting for ongoing maintenance is essential.
4. How does the large lot benefit me?
Beyond simple outdoor space, a lot size in the top tier for the street offers rare potential in a central neighbourhood. It provides privacy, room for additions like a garage or garden suite (subject to zoning), and typically holds value well.
5. The home last sold in 2017. Is that a concern?
Not inherently. A seven-year ownership period suggests stability rather than a quick flip. It’s worthwhile to ask the seller what improvements they’ve made during their tenure and their reason for moving to gauge the home’s recent history.