Property Overview & Key Characteristics
This 1905 one-and-three-quarter storey home in William Whyte presents a classic Winnipeg character property on a generous 3,548 sqft lot. Its key appeal lies in its foundational value and potential. The home features 1,160 sqft of living space and a full, unrenovated basement, offering a blank canvas for customization. The lot size is notably above average for both the street and the wider city, ranking in the top 20% in Winnipeg, which is a significant asset for future expansion, gardening, or outdoor space.
Its most compelling characteristic is the significant disparity between its very low assessed value ($8,700) and its recent sale price ($9,500 in July 2023). This suggests buyers see value here that isn't yet reflected in the tax assessment, often a sign of a neighbourhood in transition or a property with strong redevelopment potential. It would suit value-focused buyers looking for a project home, investors interested in the area's fundamentals, or those who prioritize land size over a move-in-ready condition. It’s a property for someone who sees opportunity in the existing structure and the substantial lot, rather than immediate perfection.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
This is not uncommon for older homes in transitioning areas or those requiring significant work. The sale price reflects current market demand and a buyer's perceived future value, while the assessment is an administrative valuation for tax purposes, which can lag behind rapid market changes.
2. What does "one-and-three-quarter storey" mean for the layout?
This classic Winnipeg design typically features full-sized main and second floors, with the top quarter being finished space under the sloped eaves of the roof, often containing cozy bedrooms or storage. It maximizes space within a traditional, charming exterior.
3. The basement is noted as "not renovated." What should I expect?
You should anticipate a functional but unfinished space. It likely has the home's core utilities (furnace, water heater) and offers ample storage or workshop area, but it will require investment to convert into modern living space. Consider this in your renovation budget and plans.
4. How does the lot size compare to nearby properties?
The lot is a standout feature. At 3,548 sqft, it is larger than 80% of residential lots in Winnipeg. This provides more privacy, outdoor space, and flexibility than is typical, which is a key long-term advantage.
5. What is the significance of the nearby property comparisons?
The list shows a wide range of assessed and sale values in close proximity, from $8,700 to over $200,000. This indicates a neighbourhood with diverse property conditions and values, highlighting the importance of the specific property's condition, renovation level, and lot attributes in determining its worth.