Property Overview & Key Characteristics
This is a classic, single-storey home built in 1951, situated on a notably large lot in Winnipeg's Crescent Park neighbourhood. Its primary appeal lies in the land itself—at 8,754 sqft, the property offers a generous, above-average-sized yard that is a rarity within the city. The home's living space is modest at 1,104 sqft, and it features a detached garage. Recent sale and assessed values are significantly below average for its immediate street and neighbourhood, but align more closely with the wider Winnipeg average. This creates a distinct value proposition centered on land potential rather than the existing structure.
The property would best suit a specific type of buyer: those looking for a blank canvas. It's ideal for someone with renovation or rebuilding plans who wants to secure a prime, sizable lot in an established area. It could also appeal to an investor seeking a hold-and-develop opportunity, or a buyer who prioritizes extensive outdoor space over a large interior footprint. The lower entry price reflects the work needed, making it less suitable for those seeking a move-in-ready home.
Frequently Asked Questions
1. Why is the sale price so much lower than other homes in Crescent Park?
The price reflects the property's condition, age, and modest living area relative to its lot size. You are primarily investing in the land, with the understanding that the existing home likely requires significant updating or replacement.
2. What can I do with such a large lot?
Beyond a spacious backyard, a lot of this size offers flexibility for future expansion, adding a secondary suite (subject to zoning), or even subdividing if local regulations allow. It provides room for gardens, recreational space, or future outbuildings.
3. Is the low assessed value a concern?
Not necessarily. It typically indicates the city's valuation of the property in its current state. A new owner making substantial improvements or building a new home would trigger a reassessment, aligning future taxes with the new market value.
4. What are the less obvious considerations with a 1950s bungalow?
While charming, be prepared for potential foundational, electrical, or plumbing updates that align with its age. However, the simple one-storey layout can be advantageous for renovation efficiency and aging in place.
5. How does the value compare when looking city-wide?
While it ranks below average for its immediate area, its value is around the Winnipeg median. This suggests you are acquiring a lot that is superior to most in the city, in a neighbourhood that typically commands higher prices, but at a point where the existing structure keeps the purchase price accessible.