Property Overview: 1172 Redwood Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1947, situated on a notably large lot in the Burrows Central neighbourhood. Its primary appeal lies in the land itself—at over 5,600 square feet, the property size is in the top 2% for Redwood Avenue and the top 5% for the wider neighbourhood, offering significant outdoor space that is rare for the area. The home is compact at 688 sqft, with no basement, garage, or pool, and has a very low municipal assessed value.
This property would best suit a specific type of buyer: those looking for a land-value opportunity rather than a move-in-ready home. It’s a potential canvas for someone willing to build new or substantially renovate, or for an investor considering the long-term value of a large lot in a central location. The low living area and assessed value also suggest it could serve as an affordable entry point into homeownership for a buyer comfortable with a project or a minimalist footprint. It’s less suited for those seeking ample indoor space or modern conveniences without immediate renovation work.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
The municipal assessed value is for taxation purposes and often lags behind market value, especially after a sale. The 2016 sale price of $120k is a more current market indicator, though conditions have changed since then.
2. What can I do with such a large lot?
The expansive lot is the key feature. It provides ample room for gardening, outdoor living, adding a garage or workshop, or potentially subdividing or building an addition, subject to City of Winnipeg zoning and bylaws.
3. Is the small living area a major drawback?
It depends on your needs. For a single person, couple, or as a starter home, it may be sufficient. However, it’s significantly below average in size. The value here is in the potential to expand the home outward or upward in the future, leveraging the large lot.
4. How does the age of the home (1947) affect things?
Being built in 1947 means it’s newer than many area homes, which is a positive. However, any home of this age will likely require updates to major systems like wiring, plumbing, and insulation. A thorough inspection is essential.
5. The neighbourhood rankings show a mix of "Elite" and "below average." What does this mean?
The rankings are relative to different groups. The lot size is "Elite" for the street and neighbourhood, meaning it's larger than most nearby properties. However, metrics like living area and assessed value are below average for the city, reflecting the home's modest size and valuation compared to Winnipeg as a whole. This highlights the property’s unique profile: premium land with a very humble dwelling.