Property Overview: 559 Montrose Street, Central River Heights, Winnipeg
Key Characteristics & Appeal
This two-storey home, built in 1950, presents a practical opportunity in the sought-after Central River Heights neighbourhood. Its primary appeal lies in its balance of location and value. The home features a renovated basement and a detached garage on a 4,598 sqft lot. While the living space (1,250 sqft) is modest, particularly for the street, the property holds a strong assessed value that ranks above average for both the neighbourhood and the wider city. This suggests the value is anchored more in its desirable location and lot than in the size of the house itself.
The property would suit a first-time buyer or a downsizer looking for an entry point into a well-established area without a premium price for a large home. It’s also a candidate for those with a vision for gradual updates or an expansion, given that the lot size, while below average for Montrose Street, still offers good outdoor space. A thoughtful perspective is that this home represents a "location play" – you’re investing in the community first, with the house itself offering a solid, renovatable foundation.
Frequently Asked Questions
1. How does the lot size compare to others in the area?
The land area of 4,598 sqft is below the average for Montrose Street, where comparable lots average about 5,723 sqft. However, it is a manageable size and is still larger than many city-wide averages.
2. Is the assessed value high for a home of this size?
Yes, the assessed value ranks above average for both Central River Heights and Winnipeg. This indicates that factors like the renovated basement, the neighbourhood desirability, and the lot are significant contributors to its valuation, offsetting the more modest living area.
3. What does the sale history tell us?
The home sold most recently in August 2023 for $52,100, closely aligning with its current assessed value. A prior sale in September 2020 was for $46,400, showing appreciation over that period.
4. Is the home newer or older than its neighbours?
Built in 1950, this home is actually newer than the average house on Montrose Street, where the average year built is 1943. It is roughly on par with the neighbourhood average.
5. Who might this property not suit?
Buyers seeking a large, move-in-ready home with ample interior square footage for the price may find it limiting. It’s better suited for those comfortable with a cosier footprint or those planning a renovation to better utilize the lot and layout over time.