Property Overview: 385 William Avenue, Winnipeg

Key Characteristics & Appeal

This is a substantial, century-old home (built 1896) on a standard city lot in the Centennial neighbourhood. Its primary appeal lies in its generous 2,032 sqft of living space, which ranks in the top 4% of homes on its street and top 10% citywide, offering significantly more interior room than most comparable properties. While the land size is typical for the area, the house itself provides ample square footage.

The home presents a clear value proposition: it offers a large amount of living space at a relatively low assessed value compared to the Winnipeg city average. This suggests potential for buyers willing to take on a project, as the basement is noted as "not renovated." The lack of a garage and the home's age are factors to consider, but they are reflected in its accessible price point. It would suit a practical buyer looking for space over turn-key condition—perhaps a large family needing room to grow, an investor considering a renovation or multi-unit conversion (subject to zoning), or a buyer who values character and is prepared for the upkeep of a historic home. Its recent sale in August 2024 indicates active market interest at this value level.

Frequently Asked Questions

1. What does the "not renovated" basement condition imply?
It typically means the basement retains its original or older state, likely with unfinished areas, older utilities, and possibly moisture concerns. It should be inspected thoroughly, as it represents both a cost consideration and an opportunity for future expansion or customization.

2. How can the assessed value be so much lower than the city average?
The assessed value is based on the property's specific characteristics—its age, condition, and location within Centennial—rather than just its size. The lower value reflects factors like the older building, lack of garage, and the neighbourhood's market dynamics compared to pricier areas citywide.

3. Is the large living area spread over practical layouts?
As a Two & 1/2 Storey home built in 1896, the 2,032 sqft is likely distributed over multiple floors, which may include smaller, segmented rooms characteristic of the era. Buyers should verify the room count and flow to ensure the space meets modern living needs.

4. What are the implications of buying a home built in 1896?
While full of character, it necessitates careful attention to aging components like wiring, plumbing, insulation, and the foundation. Heritage status should be checked, and budgets should account for higher maintenance and potential upgrades to improve energy efficiency.

5. The sale price history shows a significant jump from 2016 to 2024. Does this indicate rapid appreciation?
Not necessarily in a traditional sense. The 2016 sale at $20,300 and the 2024 sale at $23,500 represent a very low price point overall. The increase is modest over eight years and likely reflects the property's consistent niche as a land-value or project property, rather than dramatic market appreciation.