253 Patrick Street

Property Overview & Appeal

This one-and-three-quarter storey home, built in 1882, is a character property with strong fundamentals in Winnipeg's Centennial neighbourhood. Its key appeal lies in the combination of historic charm and quantifiable value. With a living area of 1,335 sq ft on a 2,443 sq ft lot, it ranks in the top tiers for size both on its street and city-wide. The assessed value of $130,000 is notably higher than its 2021 sale price of $100,000, suggesting significant appreciation. It features a basement, but it is not renovated.

The property would suit a value-conscious buyer looking for a home with solid "bones" and historical provenance, who is prepared for the maintenance and potential updates that come with an older home. It’s a practical entry point into homeownership in a central area, offering more space than many modern alternatives at its price point. A less obvious perspective is that its high city-wide rankings for lot size and assessed value position it as a land-value opportunity; the appeal isn't just the house itself, but the potential of the substantial lot it sits on.

Frequently Asked Questions

1. What does "one-and-three-quarter storey" mean?
This is a common architectural style for homes of this era. It typically means the second floor has full-height ceilings in the center of the house, with sloping eaves creating shorter walls on the sides. It offers more space and character than a bungalow but often has a different layout than a full two-storey.

2. The assessed value is $130k, but it sold for $100k in 2021. What does this indicate?
The increase in assessed value suggests municipal assessment has recognized rising market values or improvements in the area since the last sale. It's important to note that assessed value is for tax purposes and can differ from current market value, but such a jump often signals strong market appreciation.

3. What should I know about the unrenovated basement?
An unrenovated basement in a home from 1882 requires a particularly thorough inspection. It's essential to check for foundational integrity, moisture control, and the state of older plumbing and electrical systems that may run through it. It represents both a project and an opportunity to customize.

4. How does the lack of a garage affect daily life and value?
For this neighbourhood and property type, the lack of a garage is common. Buyers should plan for street parking and consider the cost of adding a shed or future parking structure if desired. The large lot size is a mitigating factor, offering space for potential solutions.

5. The home ranks very high city-wide for lot size but lower for living area. What's the takeaway?
This highlights a key characteristic: you are purchasing a proportionally large piece of land with a modestly sized historic home on it. This can be appealing for long-term value, outdoor space, or future expansion potential, but means the immediate living space is efficient rather than expansive.