Property Overview
77 Riley Crescent is a one-storey home built in 1953 on a 5,493 sqft lot in Winnipeg's Crescent Park neighbourhood. It features a detached garage and an unrenovated basement. With 963 sqft of living space and a current assessed value of $350k, it last sold in October 2016 for $290k.
Key Characteristics & Appeal
This property’s primary appeal lies in its land and location rather than the size or condition of the home itself. The lot is generous for the immediate street and offers potential for expansion, gardening, or outdoor living. As a classic 1950s one-storey, it suits buyers looking for a solid, single-level floor plan in a well-established neighbourhood. Its below-average living area and unrenovated state point to a value-oriented opportunity; it is best suited for a first-time buyer comfortable with gradual updates, an investor, or someone seeking a manageable footprint with room to grow outward. A thoughtful perspective is that while the home ranks below average in many metrics for its specific street and area, its citywide assessed value is around average, suggesting the underlying land and location in Crescent Park provide a stable foundation of value.
Frequently Asked Questions
1. What is the true potential of this property?
The potential is centered on the lot size. The home itself is modest and requires updates, but the land is larger than many on the street, offering possibilities for future additions, a large garden, or simply more private outdoor space than typical for the area.
2. Is the basement finished or usable?
The listing specifies the basement exists but is "not renovated." Buyers should assume it is in original, utilitarian condition and budget for any desired improvements to make it a comfortable living or storage space.
3. How does the 2016 sale price relate to today's value?
The home sold for $290k in 2016 and is now assessed at $350k. This increase reflects broader market trends and the assessed value provides a baseline, though the actual market price will depend on condition, updates, and current demand.
4. Who would this property not suit?
It would likely not suit buyers seeking a move-in-ready, modernized home or those needing significant interior space immediately. The smaller living area and need for updates require a buyer with a vision and a budget for improvements.
5. How does it compare to the neighbourhood?
The data shows the home’s living space and assessed value are below the averages for Crescent Park. This indicates you are purchasing a more compact property in the area, which often translates to a lower price point, providing an entry into the neighbourhood.