Property Overview
This one-storey home at 661 Oxford Street in Winnipeg's Central River Heights presents a specific and appealing opportunity. Its key characteristic is a generous, approximately 6,000 sqft lot that is above average for the area, offering valuable outdoor space and potential. The home itself is more modest, with under 1,000 sqft of living space, and features a renovated basement and a detached garage. Built in 1955, it is notably newer than many neighbouring homes. Its appeal lies in this combination of a sizable lot in a mature, established neighbourhood with a home that may be well-suited for downsizers, first-time buyers, or those looking for a lower-maintenance footprint without sacrificing yard space. The property would suit a practical buyer who values location and land size over a large interior, and who may see potential in the existing structure or the lot itself for future updates or expansion.
Frequently Asked Questions
1. Is the house in good condition?
The listing notes a renovated basement, which is a positive sign. However, given the home's age and smaller living area, a thorough inspection is recommended to understand the condition of the main floor systems, roof, and foundation.
2. How does the assessed value relate to the expected sale price?
The current assessed value is listed at $39.4k. It is crucial to note that this is a municipal assessment for tax purposes and is typically far below market value. The last known sale was in 2019 for $33.1k. A real estate professional can provide a current market evaluation based on recent sales of similar properties.
3. What is the potential for adding on or rebuilding?
The large lot is a significant asset here. Buyers should investigate the City of Winnipeg's zoning bylaws for the property to understand the possibilities for additions, a second storey, or even future redevelopment, as the land may hold substantial value.
4. Is the neighbourhood quiet?
Oxford Street is a main thoroughfare. Prospective buyers should visit at different times of day to assess traffic noise, as this is a common consideration for homes on larger streets in established neighbourhoods.
5. What are the utility and maintenance costs like?
While property taxes may be relatively manageable due to the lower assessed value, the age of the home means heating costs could be a factor. The detached garage may also lack insulation. Requesting utility cost history from the seller is advisable for budgeting.