Property Overview
This 1952 one-storey home at 672 Cordova Street in Central River Heights presents a specific and appealing opportunity. Its primary strength is the generous 5,240 sqft lot, which is notably larger than most on its street and in the established neighbourhood. The home itself is modest in size at 996 sqft of living space, but it features a renovated basement, adding functional space. A detached garage completes the picture. The property last sold in 2016 for $310,000, and its current assessed value is positioned below the average for the immediate street but is typical for the wider area.
Key Characteristics & Appeal
The main appeal here is the land. In a mature, sought-after neighbourhood like Central River Heights, a lot of this size is a valuable asset. It offers significant outdoor space for gardening, recreation, or future expansion that is hard to find in newer subdivisions. The renovated basement adds flexible living or storage space, compensating for the compact main floor. This property would suit a buyer who values location and land over a large, move-in-ready house. It’s ideal for a downsizer seeking a manageable home with a great yard, a first-time buyer looking to enter a prime neighbourhood with renovation potential, or an investor attracted by the lot value and the area's enduring rental demand.
Frequently Asked Questions
1. Is the house too small for a family?
While the main floor living area is compact, the renovated basement provides crucial additional space. For a young family or those comfortable with efficient living, the layout can work, especially with the large outdoor area for children to play.
2. What does the "renovated basement" include?
Specific finishes and the scope of renovation are not detailed here. A professional inspection is recommended to confirm the quality, compliance with permits, and whether it includes elements like a separate entrance or bathroom, which would significantly impact its utility and value.
3. Why is the assessed value relatively low compared to the last sale price?
Municipal assessed value for taxation purposes often lags behind market value and uses a different calculation method. The 2016 sale price and current assessments are snapshots from different times and should not be used alone to determine today's market value.
4. What are the implications of a detached garage?
This offers flexibility—it could be used as a workshop or studio without affecting the main house. However, it means dealing with Winnipeg winter weather when going between your car and home.
5. Is there potential to expand or rebuild on this lot?
The large lot size certainly creates that possibility, but it is subject to City of Winnipeg zoning bylaws, heritage considerations (if any), and setback requirements. Any buyer with this intention must investigate these regulations thoroughly before purchasing.