Property Overview
This is a 1918 one-storey home on a 3,269 sqft lot at 1032 Redwood Avenue in Winnipeg's Burrows Central neighbourhood. Its key appeal lies in the land itself and its position as a straightforward, lower-cost entry point into the market. The 669 sqft living area is notably compact, placing it well below average in size for the city. The property features a basement (not renovated) and does not have a pool or garage.
The home suits a specific type of buyer: those looking for a land-value play, an investor considering a future rebuild or addition, or a first-time buyer seeking absolute minimal upkeep and utility costs. Its assessed value is modest, especially compared to the city-wide average. The appeal isn't in move-in-ready finishes or space, but in the underlying lot and the potential it represents for the right owner. It’s a pragmatic choice over a premium one.
Frequently Asked Questions
What does "below average" for living area really mean?
At 669 sqft, the home's interior is significantly smaller than most. For context, it ranks in the bottom 12% on its own street. This indicates a very efficient or minimal layout, suitable for one or two people at most.
Is the low assessed value a red flag?
Not necessarily. It primarily reflects the home's age, size, and condition relative to the massive range of property values across Winnipeg. For the immediate area and street, its assessment is around average, suggesting it's priced appropriately for its context.
What are the implications of an "unrenovated" basement?
This typically means the basement is in its original or rough state. It likely has functional systems but is not finished as living space. It offers storage and mechanical access but will require significant work to be converted into a family room or suite.
Who might be interested in this property besides a first-time buyer?
The lot size is solid for the neighbourhood. This could attract an investor or builder looking for a property where the long-term value is in the land, with the existing house being a source of rental income until redevelopment becomes feasible.
How should I interpret the sale history?
The home last sold in 2017 for $14,300. The current assessed value of $16,100 suggests modest growth in line with the area. This history reinforces the property's position as a stable, lower-value asset rather than a high-appreciation investment in its current state.