Property Overview: 853 Garwood Avenue, Winnipeg

Key Characteristics & Appeal

This is a compact, one-storey home built in 1927, situated on a modest lot in the established Earl Grey neighbourhood. With 714 sqft of living space, it is notably smaller than most homes on its street and in the wider city, placing it in a niche for buyers seeking a minimalist footprint or a straightforward entry point into the market. Its assessed value is significantly below area averages, indicating a property with fundamental utility but likely requiring updates, as the basement is noted as unrenovated. There is no garage or pool.

The primary appeal lies in its location and affordability within a desirable neighbourhood. It represents a rare opportunity for a first-time homebuyer to gain a foothold in Earl Grey without the premium price tag of a larger, updated home. It could also suit an investor looking for a rental property with a lower initial investment or someone seeking a downsizing option that maintains a central location. A thoughtful perspective is that this home’s smaller scale and lower taxes could align well with a sustainable or financially streamlined lifestyle, offering the character of an older neighbourhood without the burden of maintaining unused space.

Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
The assessed value reflects the property's relatively small size, older age, and condition (including an unrenovated basement) compared to larger, updated, or more recently built homes in the area.

2. What does "below average" for living area mean practically?
With 714 sqft, the home's interior space is significantly less than the local average of ~1,200 sqft. Buyers should anticipate a efficient floor plan suited for one or two people, with limited storage and potentially smaller rooms.

3. Is the land size a concern?
The lot is 2,460 sqft, which is smaller than most in the area. This means smaller outdoor space for gardening or expansion, but also less maintenance. It's a trade-off that prioritizes location over yard size.

4. How should I interpret the sale history?
The home sold very recently (August 2024) for $31,300k. The previous sale in 2016 was for $16,500k. This history shows significant appreciation and suggests a market that values the location, but the recent sale means immediate resale potential may be limited.

5. What are the immediate costs or projects a new owner should anticipate?
Given the age of the home and the note of an unrenovated basement, buyers should budget for potential updates to mechanical systems, insulation, or foundational repairs. The basement condition also suggests limited finished living space, which could be a future project.