Property Summary: 1505 Lincoln Avenue
This home at 1505 Lincoln Avenue in the Weston neighbourhood of Winnipeg offers a combination of a compact living space and a remarkably large lot, creating a distinct buying opportunity. The property’s appeal lies in its land value and assessed valuation relative to its immediate surroundings, rather than its size or citywide standing.
Key Characteristics & Buyer Profile
-
Key Characteristics:
- Lot Size (7,516 sqft): This is the standout feature. It ranks first on Lincoln Avenue (Top 1%) and fourth in the Weston neighbourhood. It is significantly larger than nearby lots (average 3,219 sqft) and above average citywide.
- Living Area (945 sqft): The home is above average for its street but sits below average compared to the rest of Winnipeg. It is a modestly sized house.
- Assessed Value ($228,000): Its value is well above the street and neighbourhood averages ($186k and $184.7k), ranking in the top 12% to 17% locally. It is, however, below the citywide average ($390.1k).
- Year Built (1947): This is an older home, above average in age for both the street (avg. 1936) and neighbourhood (avg. 1937). It is significantly older than the citywide average (1966).
-
Where the Appeal Lies:
The core appeal is a large, deep lot in a stable, older neighbourhood. The house itself is of a moderate size for its area, but the land provides flexibility – whether for expansion, a large garden, or future redevelopment. The assessed value is strong locally, suggesting the land is already recognized as a high-value asset within this specific pocket of the city.
-
Type of Buyer This Suits:
This property is a strong fit for buyers who prioritize land and location over a large house. It suits those with long-term plans, such as renovators looking to expand the existing home, families wanting a big backyard in an established area, or investors seeking a lot with good potential in a well-ranked street. It would be less appealing to someone wanting a move-in-ready, large, modern home.
Frequently Asked Questions (FAQs)
1. The living area is small for the city. Is the house cramped?
At 945 sqft, the house is modest by modern citywide standards, but it is slightly larger than average for its own street (859 sqft). It’s a classic postwar bungalow or cottage-style home. For a couple, small family, or someone downsizing, the square footage is serviceable. The main attraction is the land, so think of the house as a solid, liveable base on an excellent site.
2. What does the “Top 12%” assessed value mean practically for taxes?
It means the city values this property significantly higher than other homes on the same street and in the neighbourhood. Your property taxes will be based on this $228,000 valuation. While it’s low compared to the citywide average, you will likely pay proportionally more tax than a neighbour with a lower assessed home. This high local valuation is almost entirely driven by the oversized lot.
3. How old are the major systems given the 1947 build date?
The data only provides the year built. A 1947 home likely has had its roof, furnace, electrical, and plumbing updated at least once, but the timing of those updates is unknown. Buyers should budget for a thorough home inspection focusing on these systems. Many homes of this era have original foundations (e.g., concrete block or stone) that require attention.
4. What is the practical advantage of having the largest lot on the street?
Beyond just a big yard, a 7,516 sqft lot offers substantial redevelopment potential, subject to zoning. It could allow for a large addition, a detached garage, a workshop, or even a garden suite in the future. It also provides privacy from neighbours, as the lot likely extends far behind the house compared to standard adjacent properties.
5. How does being 1st on the street for lot size but 79th in the city for living area affect resale?
This creates a specific price ceiling. Future buyers will pay a premium for the land, but the small living area limits the total price they’ll offer relative to larger homes in other areas. The property’s value is likely to appreciate steadily with the land market, rather than the housing market. A future renovation that increases the living area could unlock significant added value.