489 Lodge Avenue

Property Overview: 489 Lodge Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This well-situated one-storey home in the Booth neighbourhood presents a compelling blend of space, value, and established charm. Its primary appeal lies in its generous 6,911 sqft lot, which places it in the top 15% for lot size on its street, offering significant outdoor space uncommon in many urban settings. The home itself features a renovated basement, adding valuable finished living space to the 936 sqft main floor. A detached garage provides practical storage or workshop potential.

The property’s data suggests a "sweat equity" or value-hold proposition. While the living area is modest, the large lot and recent basement renovation provide a solid foundation. It suits a first-time buyer looking for a manageable home with clear expansion potential, or a practical investor attracted by the below-average assessed value relative to its last sold price, indicating room for equity growth. Its rankings show a property that outperforms most of Winnipeg in lot size, yet is priced within a more accessible tier, offering a strategic entry point into a mature neighbourhood.

Section 2: Frequently Asked Questions

1. What is the true condition of the "renovated basement"?
The listing confirms the basement is renovated, but specifics on finish quality, permits, and moisture control are essential to request. Given the home's age (built 1959), understanding the scope and recency of this renovation is a key due diligence step.

2. How does the low assessed value impact property taxes?
With an assessed value significantly lower than the last sold price, property taxes may currently be relatively manageable. Prospective buyers should inquire about potential tax reassessment upon purchase, which could lead to an increase.

3. Is the large lot a development opportunity?
The lot is notably large for the area. Buyers should verify all zoning bylaws with the City of Winnipeg to understand if the lot could be subdivided or if a secondary suite is permissible, as this could influence its long-term value.

4. How does the 1959 build year affect maintenance?
While the basement has been updated, the core structure, plumbing, electrical, and roof are of an age where major systems may need inspection or foreseeable replacement. A thorough pre-purchase inspection is highly advised.

5. Why is there a notable gap between the last sold price (2016) and the current assessed value?
This discrepancy can be common and may reflect conservative municipal assessment models, not necessarily current market value. It underscores the importance of using recent comparable sales, like the provided neighbourhood references, to gauge the true market price.