Property Overview: 1004 Redwood Avenue
Section 1: Key Characteristics & Appeal
This is a classic one-storey home on a standard city lot in the Burrows Central neighbourhood. Built in 1910, its key characteristic is its modest scale, featuring 672 sq ft of living space and an unrenovated basement. The detached garage and a land area of 2,532 sq ft are typical for the street. Its appeal lies primarily in its value and potential. With an assessed value significantly below the city average, it presents a lower barrier to entry into the Winnipeg market. It’s a property that suits a pragmatic, hands-on buyer—perhaps a first-time homeowner comfortable with a project, an investor looking for a rental property, or someone seeking a straightforward, no-frills home with the possibility of future customization. A less obvious perspective is that its smaller size and older construction can mean lower utility costs and property taxes compared to larger, modern homes, offering a different kind of financial efficiency.
Section 2: Frequently Asked Questions
1. What does "below average" for land and living area really mean for me?
While the lot and home are smaller than many in the city, they are very much in line with the immediate area. This suggests a comfortable fit within the neighbourhood and manageable upkeep, but limited space for large additions.
2. The home is over 110 years old. What should I be most concerned about?
The major systems—like plumbing, electrical, and the foundation—should be a primary focus for inspection. An unrenovated basement from this era may also have moisture or insulation considerations.
3. The assessed value seems very low. Does that indicate a problem?
Not necessarily. It primarily reflects the home's modest size and the market values in its specific area. It's a benchmark for property taxes, not market price, as shown by the 2023 sale price being higher than the assessment.
4. Is the increase in sale price from 2022 to 2023 a reliable trend?
It shows improved market activity for this specific property, but it's not a guaranteed trend. It's wise to research current sales of similar homes in Burrows Central for a more complete picture.
5. Who would this property NOT be well-suited for?
It would likely not suit buyers looking for a move-in-ready home with modern finishes, those needing multiple bedrooms or ample living space, or anyone unwilling to take on potential maintenance projects common with older houses.