Property Overview: 285 Perth Avenue, Winnipeg

Key Characteristics & Appeal

This is a modest, century-old home (built 1920) in Winnipeg's Jefferson neighbourhood, presenting a straightforward opportunity. Its primary appeal lies in its position as one of the most accessible entry points into homeownership in the city. With a living area of 986 sqft and an unrenovated basement, it's a basic, functional layout. The assessed value of $200k is notably below averages for its street, neighbourhood, and the wider city, indicating a potentially lower purchase price.

The property suits first-time buyers or practical investors seeking a low-cost footprint. Its value is not in its current condition or size, but in its land (a 3,884 sqft lot) and the possibility it represents. For the right buyer, it's a canvas: the below-average metrics across the board highlight a chance to add value through updates or expansion, rather than paying a premium for work already done. It’s a home for those comfortable with a project, whether immediate or long-term, and who prioritize getting into the market over move-in-ready perfection.

Frequently Asked Questions

1. Why is the assessed value so much lower than the area averages?
The assessed value is typically based on market value and the property's condition. A value significantly below averages often reflects the home's age, the unrenovated state of the basement, and potentially other deferred maintenance or updates needed.

2. What does "Top 92%" for the assessed value ranking mean?
This statistic means the property's assessed value is higher than only 8% of comparable homes in its grouping. In simpler terms, it is in the bottom 8% for value, which correlates with it being one of the least expensive options on the street and in the area.

3. Is the lot size a positive feature?
At 3,884 sqft, the lot is around average for Perth Avenue but below the city average. It provides a decent outdoor space for a home of this size and era. For a future expansion or addition, checking the specific zoning bylaws for setbacks and allowable building coverage would be essential.

4. The nearby property at 294 St. Anthony sold for much less recently. Does that affect this home's value?
While nearby sales are considered, each property is unique. That home is smaller (640 sqft), older, and has a lower assessed value, making it a different tier of property. It doesn't directly dictate the value of 285 Perth but reinforces the neighbourhood's status as a more affordable sector of the market.

5. What are the immediate costs a buyer should anticipate?
Given the age and the note of an unrenovated basement, buyers should budget for essential maintenance and potential updates. Priorities would include a thorough inspection of the foundation, roof, plumbing, and electrical systems—common areas for concerns in a home over 100 years old. The basement condition also suggests potential moisture management or insulation needs.