Property Overview: 114 Riveroaks Drive, Bruce Park, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1948, situated on a generous 5,281 sqft lot in Bruce Park. Its key characteristic is the significant value placed on the land itself. The living space is compact at 884 sqft, but the property benefits from a renovated basement, adding functional space. The lot size is notably above average for its immediate street and is a defining feature.
The appeal lies in its potential and location. The large lot offers room for expansion, gardening, or outdoor living—a rarity in many city neighbourhoods. The renovated basement adds immediate utility without the need for a major project. It suits a pragmatic buyer, such as a first-time homeowner comfortable with a cozy footprint, an investor looking for a land-value play with rental income potential from the basement, or someone seeking a lower-cost entry into the Bruce Park area with plans to eventually renovate or rebuild. It’s a property where the value is more in what you can do with it over time than in its current finished state.
Section 2: Frequently Asked Questions
1. Is the price reflective of the condition?
Yes. The sale price is significantly below both the city and neighbourhood averages, which is consistent with the home’s smaller size and older age. The value is primarily in the land and the renovated basement.
2. What does "renovated basement" typically mean here?
While specifics would require a viewing, in homes of this era a renovated basement often means it has been finished into livable space, such as a rec room or additional bedroom, and likely includes updated flooring, walls, and lighting. It’s a key functional upgrade.
3. How does the lot size compare?
It’s a standout feature. The lot is in the top 9% for size on Riveroaks Drive and above average for Bruce Park, offering more outdoor space than most direct neighbours.
4. Who is the typical buyer for a home like this?
It attracts value-conscious buyers. This includes investors, first-time buyers prioritizing location and lot size over move-in-ready finishes, or downsizers looking for a manageable home with a large yard in a central neighbourhood.
5. Are properties like this often renovated or replaced?
In established neighbourhoods with valuable land, it’s common. The combination of a small, older home on a large lot makes it a prime candidate for future expansion or complete redevelopment, subject to local zoning regulations.