Property Overview
This single-storey home at 118 Bernadine Crescent in Winnipeg's Buchanan neighbourhood presents a straightforward opportunity centered on its land and location. Built in 1971, the 1,012 sqft house sits on a 4,160 sqft lot and features an unrenovated basement. Its most recent sale was in 2016 for $21,300, with a current assessed value notably below city averages.
Key Characteristics & Appeal
The primary appeal of this property lies in its value as a land play or a foundational project. The lot size, while below average for the city, is competitively sized within its immediate street and area, suggesting the potential lies more in the location than the structure itself. The home’s assessed value ranks in the lower tiers compared to neighbours and the wider city, indicating an entry-level price point.
This property would suit a specific type of buyer: an investor or handy homeowner looking for a footprint in a stable neighbourhood without paying for prior upgrades. It’s a candidate for a hold-and-rent strategy, a gradual live-in renovation, or even a future rebuild, given that the existing structure adds minimal premium to the price. The appeal is utilitarian—it offers a chance to gain a position in the market where the value is anchored by the lot, not the current condition of the home.
Frequently Asked Questions
1. What does "below average" assessed value actually indicate?
It signals that the municipal assessment for this home is lower than most comparable properties in its vicinity. This often reflects the home's condition and lack of updates relative to neighbours, not necessarily its market price, but it can suggest a more affordable entry point.
2. Is the unrenovated basement finished or usable?
The listing specifies it is "not renovated," which typically means it is unfinished. It presents raw space that a new owner could develop to add living area.
3. How does the lot size compare practically?
At 4,160 sqft, the lot is smaller than the Winnipeg average but is fairly typical for Buchanan and Bernadine Crescent. It provides standard backyard space but may not accommodate extensive additions without careful planning.
4. What might the 2016 sale price tell us?
The $21,300 sale price eight years ago is a historical data point that shows the property has long been valued as a lower-cost option. It underscores the property's role as a value-driven entry in the area.
5. Who are the most likely buyers for a property like this?
First-time buyers or investors comfortable with a project. The profile fits someone prioritizing location and lot potential over move-in readiness, seeing the existing house as a functional starting point rather than a finished product.