Property Overview: 805 Lyon Street, Crescent Park, Winnipeg
Section 1: Key Characteristics & Appeal
This is a classic 1951 one-storey home on a notably large, 7,370 sqft lot in Winnipeg's Crescent Park neighbourhood. Its primary appeal lies in the land itself—the lot size is well above the city-wide average, offering significant space and potential in a mature area. The house is modest, with a living area of 1,192 sqft that is typical for its locale, and it features a detached garage. The assessed value is relatively low compared to its immediate street and neighbourhood, which can indicate an opportunity for value-conscious buyers or those looking for a property where the land value is the key asset.
This property would best suit a buyer with a vision for the long term. It’s a strong candidate for someone interested in a substantial garden, outdoor space, or future expansion. It could also appeal to an investor or renovator looking for a home where the value is anchored in the lot size rather than the current structure, with the understanding that a home of this age will likely require updates or maintenance. It’s less suited for those seeking a modern, move-in-ready home or extensive finished living space from day one.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring homes?
The assessed value is based on the property's current state. The lower assessment relative to the street and neighbourhood typically reflects the age and condition of the 75-year-old home, suggesting it may require modernization, while the land value remains a significant component.
2. What does the large lot size mean for me practically?
Beyond simple yard space, a lot of this scale (ranked in the top 14% city-wide) offers rare potential in a mature neighbourhood. It provides room for additions, landscaping projects, recreational space, or future development, subject to local zoning bylaws.
3. Is the older home a major concern?
Built in 1951, the home is older than most in Crescent Park. This necessitates a thorough inspection for foundational integrity, plumbing, electrical systems, and insulation. While it requires due diligence, it also represents a character home from a specific building era.
4. How does the sale history affect value?
The home sold recently in December 2021 for $26,500. This recent transaction provides a clear, contemporary benchmark for market value, which is useful for financing and offer considerations.
5. What is the neighbourhood context?
Crescent Park is an established area. The data shows that while this home’s living space is average for the area, its lot is larger than most and its assessed value is lower. This suggests you may be acquiring a property with different fundamentals than the immediate neighbours, which could be an advantage for the right buyer.