Property Overview: 701 South Drive, Crescent Park, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1922, presents a unique profile in the Crescent Park neighborhood. Its key characteristics include a renovated basement, an attached garage, and a living area of 1,635 sqft. The property stands out for its generous 9,845 sqft lot, which is significantly larger than most city-wide and neighborhood averages, offering substantial outdoor space and potential in a mature setting.
The appeal lies in its position as a character home on a prime, sizable lot within a well-established area. While the home itself is more modest in size and assessed value compared to its immediate street (South Drive), it represents an above-average offering for the broader Crescent Park area and the city as a whole. This creates an interesting value proposition: you are acquiring a lot with premium dimensions and neighborhood standing, paired with a home that may offer renovation or expansion opportunities. It would suit a buyer looking for a character property with ample yard space, who values the established trees and feel of an older neighborhood over a new-build. It could also appeal to a value-conscious buyer seeking entry into a desirable area, willing to invest in updates over time.
Section 2: Frequently Asked Questions
1. Is the low assessed value a concern?
Not necessarily. The assessed value is used for calculating property taxes and often lags behind market value, especially for older homes with recent renovations or unique lot sizes. Its value is above average for Crescent Park, which is a more relevant comparison than its specific street.
2. What does "below average" for the house on South Drive mean?
South Drive appears to consist of larger, potentially higher-value homes. This property offers a different profile—a classic, older home on a large lot—which may be priced accessibly compared to its neighbors while still benefiting from the same location.
3. How significant is the lot size?
Very. A lot of nearly 10,000 sqft in this area is a notable asset. It provides privacy, space for gardens, recreation, or future additions like a deck or garage, which is increasingly rare in city neighborhoods.
4. What should I consider about a 104-year-old home?
While the basement is noted as renovated, a home of this age requires a thorough inspection. Focus on the foundation, roof, plumbing, electrical systems, and insulation. The charm comes with a responsibility to understand its maintenance needs and potential upgrade costs.
5. Why is the last sale price from 2017 so different from the current assessed value?
The 2017 sale price is a historical data point and reflects the market conditions and the property's state at that time. The current assessed value and any future listing price will be based on today's market, recent improvements, and the property's inherent assets like its lot size.