Property Overview: 852 Redwood Avenue, Winnipeg
Key Characteristics & Appeal
This is a modest, century-old one-and-a-half storey home in Burrows Central, built in 1910. Its primary appeal lies in its land value and potential, rather than its current structure. The lot is a standard city size for the area at just over 3,300 sqft, but it represents a significant portion of the property's worth. The home itself is compact at 742 sqft of living space and features an unrenovated basement and a detached garage.
This property would suit a specific type of buyer: an investor, a builder, or a hands-on individual looking for a land-value opportunity with an existing, functional structure. It's not a move-in-ready home for someone seeking modern finishes or ample space. Its very low assessed and recent sale value point to a purchase focused on the underlying asset—the lot—with the house likely requiring substantial updates or serving as a placeholder. For the right buyer, it represents an affordable entry into the market with the future potential for renovation, expansion, or redevelopment.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's current state as a very small, older home. It is primarily based on the value of the land combined with the depreciated value of the 116-year-old structure, not on potential or renovated condition.
2. What does "unrenovated basement" typically imply?
This usually indicates a basement in original or utilitarian condition. Expect a concrete floor, basic walls, and mechanical systems like the furnace and water heater. It is functional space for storage or laundry but not finished as living area.
3. Is the land large enough for an addition or new build?
At 3,317 sqft, the lot is a standard width and depth for the neighbourhood. While it may accommodate an addition, any major expansion or new construction would need to comply with current zoning bylaws for setbacks and floor-area ratios, which should be verified with the city.
4. How does the age of the home affect insurance and maintenance?
Homes from this era may have outdated electrical, plumbing, or insulation. This can lead to higher insurance premiums and necessitates a thorough inspection. Maintenance will be ongoing and should be budgeted for, but the simple structure can also make some repairs more straightforward.
5. What is the realistic use for a home of this size?
The living area is quite compact. It functions well as a starter home for a minimalist buyer, a rental property, or a live-in project for someone planning a gradual renovation. Its size is less suited for a growing family without plans to expand.