581 Furby Street

Property Summary: 581 Furby Street, Winnipeg

Key Characteristics & Appeal

This is a classic 1905-built two-and-a-half storey home in Winnipeg's Spence neighbourhood, sitting on a larger-than-average lot. Its key appeal lies in its solid fundamentals and clear value proposition. The home offers generous living space (1,424 sq ft) that ranks well above average for its immediate street and features a full, unrenovated basement offering potential. The property sold recently in late 2024, providing a clear, modern market price benchmark.

Its suitability is for a specific buyer: it's ideal for a hands-on purchaser or investor who values space and location over turn-key condition. The appeal is grounded in the lot size, the historic character of the home, and its position in a neighbourhood with a mix of revitalization and established community. A less obvious perspective is that the significant gap between the recent sale price and the assessed value may indicate perceived potential or market dynamics that aren't captured by the official valuation, which could represent an opportunity or require extra due diligence. This isn't a move-in-ready home, but a solid project for someone looking to put their own stamp on a character property.

Frequently Asked Questions

1. What does "two-and-a-half storey" mean for this home?
This typically describes a home with two full floors of living space and a smaller third floor under a sloped roof (often in the attic space), which is common for homes of this era. It contributes to the character and potentially offers flexible space.

2. The assessed value is much lower than the recent sale price. Why?
Municipal assessed value is for tax purposes and often lags behind the current market. The sale price reflects what a buyer recently agreed to pay, which can be influenced by factors like lot size, interior condition, and market demand that aren't fully captured in the assessment formula.

3. What should I know about the unrenovated basement?
An unrenovated basement means the space is raw or in its original state. It offers potential for future development (like a rec room or suite, subject to permits), but will require a thorough inspection for moisture, foundation integrity, and necessary updates like electrical or insulation.

4. How does this home compare to others on the street and in Spence?
The data shows this home ranks above average for lot size and living area on its street, but is around average or newer for its year built. In the broader Spence neighbourhood, it ranks highly for lot size. This suggests you're getting more land and interior space than many nearby properties.

5. The home sold recently. Does that affect its value or appeal?
The recent sale provides a very current and reliable price point, which adds transparency. For a new buyer, it means the property is likely being resold quickly, which could be for any number of reasons—from an investor's flip to a change in plans—making a detailed look at the listing history and any recent work done crucial.