Property Overview: 1853 Elgin Avenue W, Winnipeg

Section 1: Key Characteristics & Appeal

This is a modest, century-old one-storey home in Brooklands, built in 1920. Its key characteristic is its very small land size (2,432 sq ft), which is notably below average for the street, neighbourhood, and city. The living space is compact at 844 sq ft, and the home features an unrenovated basement and no garage. Its recent sale price was strikingly low.

The appeal lies primarily in its position as an entry-point property or a land-value opportunity. It suits a specific type of buyer: those seeking the absolute lowest price point to enter the Winnipeg market, an investor looking for a rental property with minimal initial capital outlay, or a buyer with redevelopment plans for whom the existing structure is secondary to securing a lot in the location. It is not a move-in-ready home and would require significant investment for modernization. A thoughtful perspective is that, while the stats rank it low in many categories, its age and assessed value are actually quite typical for its immediate street, suggesting it represents the existing character of this particular block rather than being an outlier in the broader area.

Section 2: Frequently Asked Questions

1. Why was the recent sale price so much lower than previous sales and the assessed value?
A sale price of $16.5k is far below typical market value for a standing house and strongly indicates a sale under unique conditions, such as to a family member, a direct transfer, or the sale of the structure alone with specific redevelopment intentions. It should not be used as a benchmark for standard market value.

2. What does "below average" for land area mean in practical terms?
The lot is less than half the size of an average city lot. This limits potential for expansions, additions, or extensive outdoor space. For some, this means lower maintenance; for others, it significantly constraints future possibilities.

3. Who would this property be most suitable for?
It is a project property. It best suits a hands-on buyer comfortable with renovations, an investor planning to update it as a rental, or someone primarily interested in the location with plans to eventually rebuild, given the lot's small size may also dictate the scale of any future home.

4. How significant is the "unrenovated basement"?
This typically means the basement is in original, likely unfinished or minimally finished condition. It may have moisture issues, outdated wiring, or simply require a complete overhaul to become usable living space, adding considerable cost to any renovation budget.

5. The home sold recently in March 2024. Why is it back on the market?
Without specific disclosure, common reasons could include a flip scenario where an investor quickly resells, a financing fall-through from the previous sale, or a change in circumstances for the very recent buyer. It’s an important question to ask the listing agent directly.