Property Overview: 1061 Redwood Avenue, Winnipeg
Key Characteristics & Appeal
This is a well-situated, classic one-and-a-half storey home in Burrows Central, built in 1947. Its primary appeal lies in its generous, above-average land size (4,394 sqft), which offers significant outdoor space and potential relative to many homes on its street and in the neighbourhood. The living area is a practical 982 sqft, typical for the area, housed in a detached building with a detached garage.
The home suits first-time buyers or practical investors looking for a land-strong property in an established community. Its most recent sale was in 2021 for $200k, a price point that was above average for the street but around average for the wider neighbourhood, suggesting it's a solid entry into a stable area. A thoughtful perspective is that while the home itself is of average size and age for its immediate surroundings, the larger lot provides a tangible asset—whether for gardening, expansion, or simply more privacy than nearby properties. It represents an opportunity to own a property where the value is anchored as much in the land as in the structure.
Frequently Asked Questions
1. What does the "above average" land size actually mean for me?
With a lot size ranking in the top 22% on its street, you have more usable outdoor space than most comparable properties nearby. This is a key differentiator for future enjoyment, gardening, or potential projects.
2. How does the 2021 sale price compare to today's market?
The $200k sale was above the street average at that time. It's important to have a current market evaluation, as this historical price indicates the property was seen as a premium option on the block three years ago.
3. Is the assessed value a reliable indicator of market value?
No, the municipal assessed value ($18,200) is for taxation purposes and is consistently far below market value, as shown by the 2021 sale price. Market value is determined by recent sales of comparable properties.
4. What are the implications of having no basement?
This means all living space is on the main and upper floors, and utilities are likely on the main floor. It can be a benefit for those concerned about moisture or wanting single-level living, but it reduces storage or potential renovation space found in a basement.
5. The home is older—what should I focus on during an inspection?
Built in 1947, focus on the condition of the core systems: roof, wiring, plumbing, and the foundation. The age is typical for the neighbourhood, but a thorough inspection is essential to understand any needed updates or maintenance.