Property Overview

This 1947 one-storey home at 178 Martin Avenue W in Winnipeg's Chalmers neighbourhood presents a specific and compelling value proposition. Its primary appeal lies in the combination of a generous, above-average lot and a recently renovated basement, all at a very accessible price point. The 4,399 sqft lot is notably larger than most in the immediate area and neighbourhood, ranking in the top 7% on its street. This offers significant outdoor space and potential for expansion or gardening that is uncommon for the price. The home itself is modest at 830 sqft of living space, but the renovated basement adds functional square footage. With no garage and a smaller main floor, it suits buyers looking for a straightforward, low-maintenance footprint without sacrificing yard size.

This property would be an ideal fit for a first-time buyer, an investor, or someone looking to downsize into a home with land value that outweighs the building's size. It’s a practical entry into homeownership where the land is the strategic asset. The recent sale in late 2023 at $28,500, close to its assessed value, suggests a market primarily driven by its lot value and condition, rather than its interior size or age. A thoughtful perspective for a buyer is to see this as a "blank canvas" property: the value is in what you could do with the large lot over time, rather than what the existing structure offers today.

Frequently Asked Questions

1. What does "renovated basement" include?
The listing confirms the basement has been renovated, but specifics on finish quality, ceiling height, legal egress, or permits should be verified by a buyer's inspection and through direct questions to the seller or listing agent.

2. Why is the sale price so much lower than the city-wide average?
The price reflects the home's smaller living area, age, and the specific local market of Chalmers. It highlights a market segment where functional land and a liveable house are available at a lower entry point, distinct from the city's average which includes newer, larger suburban homes.

3. How does the large lot size benefit me if the house is small?
A larger lot provides valuable outdoor space, better privacy, and future potential. It allows for additions, a large garden, or the possibility of building a garage or shed. In established neighbourhoods, land is often the appreciating asset.

4. What are the implications of the home being built in 1947?
While the building is older, it ranks as newer than many on its street. Buyers should budget for maintenance consistent with a home of this age and have thorough inspections for foundational, electrical, and plumbing systems. The renovated basement may address some of these concerns.

5. Is the assessed value a reliable indicator of the market price?
In this case, the 2023 sale price was close to the assessed value, suggesting the assessment is relatively aligned with the market for this property type. However, assessments are for tax purposes; market value is determined by current supply, demand, and the property's specific condition.