Property Overview: 882 Redwood Avenue
Section 1: Key Characteristics & Appeal
This is a modest, century-old (1912) one-storey home in Winnipeg's Burrows Central neighbourhood. Its key characteristic is its land: at 3,306 sqft, the lot is average for the local area but represents a significant value proposition city-wide, where lots are typically much larger and more expensive. The living space is compact at 708 sqft, and the home has an unrenovated basement and no garage.
The primary appeal lies in its affordability and potential. With a very low assessed value and recent sale price, it presents a clear entry point into homeownership. It suits a specific type of buyer: a hands-on first-time buyer, an investor, or someone looking for a land-value play. This buyer must be comfortable with a project, as the home itself requires updating and offers minimal finished space. A less obvious perspective is that its older age, while requiring attention, often comes with solid construction and mature trees on the lot—a charm not found in newer, dense subdivisions. It’s not for someone seeking move-in readiness, but rather for a pragmatic buyer who sees the underlying asset.
Section 2: Frequently Asked Questions
1. Is this a teardown property?
Not necessarily. While the living area is small and the home is older, the data shows nearby, similarly aged homes with comparable values are still standing and occupied. It may be more suited to a gradual renovation than a complete rebuild, depending on its condition and the buyer's goals.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's current state, small living area, and its location within a neighbourhood where property values are generally below the Winnipeg average. It highlights the significant price disparity between different areas of the city.
3. What are the main considerations for renovating a home from 1912?
Key focuses would be updating foundational systems like wiring and plumbing, assessing the structure and basement for moisture, and improving insulation. While this requires investment, it allows a buyer to customize the space to modern standards over time.
4. How does the lot size compare meaningfully?
While average for Burrows Central, this lot is significantly smaller than the typical Winnipeg lot (which averages 6,570 sqft). This means outdoor space is more limited, but property taxes and maintenance (like lawn care) are also likely lower than on a standard city lot.
5. Who is this property not suited for?
It is not suited for families needing ample finished space immediately, individuals unwilling to undertake renovations, or buyers who prioritize modern amenities and low-maintenance living. It is a project-oriented investment in a specific location.