Property Overview
This one-storey home at 829 Lyon Street in Winnipeg's Crescent Park neighborhood presents a specific and compelling opportunity. Its appeal lies in a combination of above-average living space within a modestly valued, mature property. Built in 1951, it sits on a lot that is generous by city-wide standards but more compact compared to its immediate street, suggesting a manageable outdoor space. The home last sold in November 2023 for $350,000.
Key Characteristics & Ideal Buyer
The key characteristic here is space efficiency. With 1,832 sqft of living area, the home ranks in the top 17% on its street and top 16% city-wide for size, offering more interior room than many peers. This is paired with an assessed value that is relatively average, indicating a potentially favorable cost-per-square-foot ratio. The property does not have a basement or pool but includes an attached garage.
Its appeal is for the practical buyer who prioritizes interior living space over a sprawling yard and is comfortable with a home from the 1950s. It would suit a downsizer seeking single-level living without sacrificing room, or a value-conscious buyer looking for a larger footprint in a established neighborhood without a premium price tag. A less obvious perspective is that the below-average land size for the street could mean lower maintenance and property tax implications relative to neighbors, which some may see as a benefit.
Frequently Asked Questions
1. How does the sale price compare to the assessed value?
The home sold for $350,000 in November 2023, which is significantly higher than its $36,700 assessed value. It's important to note that municipal assessed value for property tax purposes is not a market valuation and often lags behind current sale prices.
2. What does the "top percentage" ranking mean for the living area?
Rankings like "Top 16% city-wide" mean the home's living area is larger than approximately 84% of comparable homes across Winnipeg. This indicates it offers more interior space than the vast majority of similar properties.
3. Is the land size a disadvantage?
While the lot is smaller than most on Lyon Street (ranking 41 out of 42), it is still above the city-wide average. This suggests a manageable yard that requires less upkeep, which could be preferable for those not seeking extensive gardening or landscaping.
4. What might the 1951 build year imply?
As a home built in 1951, buyers should budget for potential updates to major systems like plumbing, electrical, or the roof. However, its age is typical for the Crescent Park area, and the character and construction quality of older homes are often appealing.
5. How does this property fit within the Crescent Park neighborhood?
The data shows a mix: its living space is well above the neighborhood average, but its assessed value is below average for the area. This positioning suggests it could be a relatively affordable entry point into Crescent Park for buyers seeking above-average square footage.