Property Overview
This one-storey home at 532 Niagara Street in Winnipeg's Central River Heights neighbourhood presents a specific and appealing opportunity. Its key characteristic is a generous 5,760 sqft lot, which places it in the top 15% for land size on its own street. The home itself is modest, with 985 sqft of living space, and features a renovated basement and a detached garage. Built in 1950, it sits on a mature, established street.
The primary appeal lies in the land itself. The lot size is significantly above average for the immediate area, offering valuable outdoor space and future potential in a sought-after neighbourhood. The renovated basement adds functional living space. This property would suit a first-time buyer or an investor looking for a solid entry into a desirable location, with the understanding that the main living area is compact. It’s also a candidate for someone with longer-term renovation or expansion plans, where the large lot is a major asset.
A thoughtful perspective is that while the home's size is below area averages, its assessed value holds steady compared to neighbours, suggesting the premium for the lot and location is already recognized. It’s a property where the land is the enduring asset, and the house represents the adjustable component.
Frequently Asked Questions
1. Is the house too small for a family?
The 985 sqft main floor living area is compact. A family’s suitability would depend on effectively utilizing the renovated basement as additional living space and valuing the large outdoor area.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify finishes or layout. This is a key detail to clarify with the selling agent to understand its condition and functionality.
3. Why is the sale price lower than the assessed value?
The home recently sold for $41.50k, which is below its $44.30k assessed value. This can happen due to market conditions, the specific terms of the sale, or the assessed value reflecting a different valuation methodology.
4. What are the implications of a detached garage?
A detached garage provides secure storage or parking but means accessing your vehicle requires going outside. It may also offer flexibility for future lot use or landscaping plans.
5. How does the lot size compare practically?
At 5,760 sqft, the lot is over 1,000 sqft larger than the average for Central River Heights. This translates to more yard space for gardens, recreation, or additions than many nearby properties offer.