Property Overview
This one-storey home at 717 Oak Street in Winnipeg's Central River Heights presents a compelling opportunity centered on its generous lot and desirable location. Built in 1953, the house itself is modest in size at 1,217 sqft, but it sits on a well-above-average lot of over 6,000 sqft for the neighbourhood. Key features include a detached garage and a renovated basement. The property’s primary appeal lies in its land value and location within a sought-after area, having sold for $620k in mid-2022—a price that ranked well above local averages at the time. It would best suit a buyer who values outdoor space and location over a large existing footprint, ideal for someone planning future expansions, additions, or simply wanting a sizable yard in a central community. It's a property where the land is the standout asset, offering potential that the current living area does not.
Frequently Asked Questions
1. Is the house move-in ready?
While specific interior condition isn't detailed, the listing notes a renovated basement. The home is from 1953, so a prospective buyer should budget for potential updates to main-floor systems or finishes.
2. What makes this property worth the sale price given the smaller house size?
The price reflects the premium for location and land. The lot size is in the top 30% on its street and top 19% in Central River Heights, making the land itself a significant asset in a mature, central neighbourhood.
3. How does the assessed value relate to the sale price?
The last assessed value was significantly lower ($50.20k), which is common for municipal tax assessments in Manitoba. The $620k sale price is the true market indicator, reflecting what buyers were willing to pay for this type of property in 2022.
4. What is the potential for adding on or rebuilding?
The large lot provides excellent potential for an addition or even a future rebuild (subject to zoning bylaws). This is a key draw for buyers looking to customize or expand over time.
5. How does this property compare to others on the street?
It has a newer build year than most on Oak Street, but a smaller living area. Its standout feature is the lot size, which is above the street average, and its 2022 sale price was in the top quarter of sales for the street.