Property Summary: 699 Lorette Avenue, Winnipeg

Key Characteristics & Appeal

This is a compact, one-storey home built in 1913, situated on a modest 2,530 sqft lot in the established Earl Grey neighbourhood. With 752 sqft of living space, it is notably smaller than most homes in the area and across Winnipeg. The property features a detached garage and an unrenovated basement. Its assessed value is significantly below local and city averages.

The primary appeal lies in its position as an accessible entry point into a desirable neighbourhood. It suits a specific buyer: someone seeking a lower-cost foothold in Earl Grey, willing to take on a home that requires updates and modernization. It could be ideal for a first-time buyer, an investor looking for a rental property, or someone interested in a long-term renovation project. The smaller scale also means lower maintenance and utility costs relative to larger homes. A thoughtful perspective is that its below-average metrics in size and value are precisely what create its opportunity, offering a chance to add value through renovation in a location where many other properties are already fully priced.

Frequently Asked Questions

1. What does "below average" for size and value actually mean for a buyer?
It means this home is priced and sized as a starter property within Earl Grey. You are paying primarily for the location and the structure, with the understanding that the interior spaces are compact and the finishes are likely dated.

2. Is the unrenovated basement a major concern?
It represents both a drawback and potential. While it may not be suitable for finished living space as-is, it provides storage and future expansion potential once properly insulated and finished, subject to local building codes.

3. Who might this property not suit?
It would not suit buyers looking for a move-in ready home, those who need multiple bedrooms or larger living areas, or anyone unwilling to handle ongoing maintenance or renovation projects typical of a 110-year-old house.

4. The home sold for $17.5k in 2019. Why is the assessed value now $21.1k?
Assessed value is for municipal tax purposes and is based on mass appraisal formulas comparing broad market trends. The 2019 sale price is a historical data point; the current market value would be determined by recent comparable sales and present condition.

5. How does the small lot size impact future plans?
The lot is below average for the street and area, which limits possibilities for large additions or extensive outdoor amenities. However, it is sufficient for a garden or patio, and the smaller yard requires less upkeep.