Property Overview: 524 Cordova Street, Central River Heights
Key Characteristics & Appeal
This two-storey home, built in 1952, presents a practical opportunity in the sought-after Central River Heights neighborhood. Its key appeal lies in a balance of established location and modernized function. The home sits on a standard city lot and offers 1,262 sqft of living space, which is typical for the area and city overall. A significant feature is the renovated basement, adding valuable finished space. The detached garage provides flexible storage or parking.
The home’s strongest suit is its financial positioning. It boasts an assessed value that is above average for its street, neighborhood, and the entire city, suggesting a solid investment in a desirable locale. While the land and living areas are not oversized, the property’s value is driven by its location and condition rather than sheer size. It last sold in August 2020 for $46,800.
This property would suit a first-time buyer or a downsizer seeking a manageable home in a mature, central neighborhood without a massive yard to maintain. It’s also a sensible fit for an investor or practical buyer who values a move-in-ready basement and the long-term stability of River Heights over having the newest or largest house on the block.
Frequently Asked Questions
1. Is the lot size a drawback?
While the land area is below average for Cordova Street specifically, it is a standard city lot. This translates to less exterior maintenance, which can be a positive for many buyers, and is typical for the wider Central River Heights area.
2. What does "above average assessed value" really mean?
It indicates that the city’s tax assessment for this home is higher than most comparable properties nearby and citywide. This generally reflects the desirability of its specific location and the updated condition of the home, particularly the renovated basement.
3. How updated is the home given its age?
We know the basement has been renovated. Prospective buyers should inquire about the age and condition of other major systems (roof, wiring, plumbing, windows) and the main living areas to understand any immediate or future updates required.
4. What are the implications of a detached garage?
A detached garage offers flexibility and can reduce noise transfer into the house. However, it means crossing outdoors to access your vehicle, which is a consideration during Winnipeg winters.
5. How does the 2020 sale price relate to today’s value?
The 2020 sale price of $46,800 is a historical data point. The current assessed value of $50,200 is a separate figure used for property tax calculation. Market value is determined by current conditions, recent comparable sales, and buyer demand, and should be established by a professional appraisal or market analysis.