Property Overview
This one-storey home at 18 Crowson Bay in Winnipeg’s Crescent Park neighbourhood presents a practical opportunity. Built in 1954, it sits on a just-under-6,000 sqft lot and offers 1,105 sqft of living space, with a renovated basement and a detached garage. Its assessed value is notably lower than many direct neighbours, which can be appealing from a property tax perspective. The home last sold in January 2022 for $320,000.
Key Characteristics & Appeal
The primary appeal of this property lies in its balance of established neighbourhood character and relative value. Its living space and lot size are squarely average for the street and area, meaning it fits right in without standing out. A key, less obvious characteristic is its age: on Crowson Bay itself, it's among the newer homes (top 6%), which may suggest slightly more modern construction or updates compared to immediate neighbours. The renovated basement adds functional living space. The significantly below-average assessed value for the area could indicate a tax advantage, or it may reflect the home’s condition or features relative to peers.
This home would suit a first-time buyer or a downsizer looking for a manageable, single-level layout in a mature neighbourhood. It’s also a candidate for a value-conscious buyer who sees potential in the discrepancy between its assessed value and potential market value, or who prioritizes lower ongoing property taxes.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. This would require clarification on the finish quality, rooms created (e.g., bedroom, living area), and whether permits were obtained.
2. Why is the assessed value so much lower than neighbouring homes?
Assessment is based on a mass appraisal system considering factors like lot size, building area, age, and condition. A lower assessment can stem from differences in interior condition, specific market valuations, or updates not yet reflected in the assessment roll. It typically results in lower property taxes.
3. How does the 2022 sale price relate to today's value?
The $320,000 sale price from early 2022 is a historical data point. Current market value will be influenced by changes in the market since then, any updates made to the property, and recent comparable sales.
4. What are the implications of a detached garage?
A detached garage offers flexibility and can reduce noise transfer from vehicles or a workshop into the house. The trade-off is convenience, requiring you to go outside to access your vehicle, which can be a consideration during Winnipeg winters.
5. Is the property's "average" size a positive or a negative?
In this context, "average" is neutral. It means the home is neither unusually small nor large for Crescent Park, which can be a stability advantage. It likely matches neighbourhood expectations, which can be beneficial for long-term value and does not stick out for being an outlier.