Property Overview: 525 Larsen Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This two-storey home, built in 1914, presents a practical opportunity in Winnipeg's Chalmers neighbourhood. Its key appeal lies in its balance of historic charm and modernized utility, featuring a renovated basement. With 920 sqft of living space, it offers a compact and efficient layout suitable for individuals, couples, or small families.

The property’s standout characteristic is its land size. At 2,494 sqft, the lot is notably smaller than both neighbourhood and city averages. This translates to lower maintenance and is a distinct advantage for buyers seeking a manageable outdoor space without the upkeep of a larger yard. The home last sold in 2017 for $190k, a price point that was around average for the street at the time, suggesting it fits within an accessible entry-level or investment range.

This home would best suit a first-time buyer, a downsizer, or an investor looking for a character home with one major update (the basement) in place. Its smaller scale offers affordability and simplicity, while its age and location in a mature neighbourhood provide a sense of established community. A thoughtful perspective for a buyer is to see the smaller lot not as a drawback, but as a feature that reduces weekend chores and potentially lowers associated costs, allowing more time and resources to enjoy the home's interior and nearby local amenities.

Section 2: Frequently Asked Questions

1. How does the lot size compare to nearby properties?
The lot at 2,494 sqft is smaller than most in the area. On Larsen Avenue itself, it ranks in the bottom 8% for land area, meaning the vast majority of neighbours have larger plots. This is a key differentiator for this property.

2. What does the "renovated basement" include?
The listing confirms the basement has been renovated but does not specify the scope or finish. A prospective buyer should inquire about the details of this renovation, including the quality of the finish, ceiling height, and whether it includes a bathroom or legal secondary suite potential.

3. Is the $21,900 assessed value a good indicator of the sale price?
No, the assessed value for tax purposes is typically much lower than market value. This is clearly shown when comparing it to the home's last sale price of $190k in 2017. Market value is determined by recent sales of similar homes, current condition, and market trends.

4. What are the implications of the home being over 110 years old?
While offering classic character, a home of this age requires a buyer to be mindful of potential maintenance needs. Key items to investigate would be the condition of the foundation, roof, plumbing, and electrical systems to understand what updates may be imminent.

5. How does this home compare to others on the street?
Based on the provided data, 525 Larsen Avenue is quite typical for its street in terms of its year built, living area, and historical sale price. Its most significant difference from neighbouring homes is its smaller land footprint.