Property Overview
This one-and-a-half storey home on Redwood Avenue presents a straightforward opportunity in Winnipeg's Burrows Central neighbourhood. Built in 1910, it sits on a modest 2,283 sqft lot and features 834 sqft of living space, an unrenovated basement, and a detached garage. Its most recent sale was in 2020 for $130,000, which aligns with its current assessed value.
Key Characteristics & Appeal
This property’s appeal is rooted in its simplicity and position as an entry-point into the market. It is a home that makes no pretensions; it is smaller, older, and on a smaller lot than most in the city, which is directly reflected in its accessible price point. Its value lies primarily in the land and the structure's potential, rather than in finished living space.
It would suit a pragmatic, hands-on buyer. This could be a first-time purchaser comfortable with a "live-as-is" or gradual improvement plan, or an investor looking for a stable rental property in a central location. The home’s unrenovated state means there are no costly recent finishes to pay a premium for, allowing the next owner to add value on their own terms. A less obvious perspective is that its below-average lot size for the area translates to lower maintenance and property tax burdens, which can be a practical advantage.
Frequently Asked Questions
1. What does "below average" for land and year built really mean for me?
It means the lot is smaller and the house is older than most in its immediate area and across Winnipeg. This is a key factor in its lower assessed value and price, presenting a trade-off of space and modern infrastructure for affordability.
2. Is the basement finished or usable?
The listing specifies the basement exists but is "not renovated." You should anticipate it being in a rough, unfinished state, suitable for storage or mechanicals but not as living space without significant investment.
3. How does the assessed value relate to the likely sale price?
The home last sold in 2020 for its assessed value of $130,000. In a stable market, this suggests the assessment is closely aligned with recent market value, but the final sale price will always depend on current market conditions and competition.
4. What are the immediate costs or projects to anticipate?
Given the age and the note on the basement, buyers should budget for ongoing maintenance typical of a 116-year-old home. An inspection is crucial to identify potential needs with the roof, foundation, wiring, or plumbing. The unrenovated state implies cosmetic updates are also likely desired.
5. Who are the typical neighbours or buyers in this area?
The similar nearby properties, with comparable assessed values and living areas, suggest a neighbourhood of modest, older homes. Buyers are often those seeking affordability and convenience, including first-time homeowners, small families, and long-term residents.