Property Overview
This is a 1946 one-storey home on a generous 4,861 sqft lot in Winnipeg's established Crescentwood neighbourhood. Its key appeal lies in the combination of a prime, mature location and a significant amount of land, offering a rare opportunity in this area. The home itself is modest, with 904 sqft of living space and a detached garage. Notably, it features a renovated basement. The property last sold in 2016 for $28,500 and currently holds an assessed value of $38,500.
Key Characteristics & Ideal Buyer
The standout feature is the lot size, which is above average for its street and offers substantial outdoor space or future potential in a sought-after area. The home’s age (older than most on the block) and compact living area suggest it is a classic "value-in-the-land" proposition. Its appeal is for a specific buyer: someone looking for a foothold in Crescentwood, willing to live in or substantially update a smaller, character home, or an investor/developer who sees long-term value in the sizable lot. It suits a practical buyer, a renovator, or a land-banker more than someone seeking a move-in-ready family home. The renovated basement adds functional living space, which is a crucial asset given the smaller main floor.
Frequently Asked Questions
1. Why is the assessed value so much lower than typical area homes?
The assessed value reflects the property's current state—a smaller, older home on a desirable lot. Value is heavily weighted toward the land asset rather than the existing structure.
2. Is this a teardown opportunity?
While the data suggests the land is a major asset, local heritage or zoning bylaws should be verified. The home's older age and smaller size make it a candidate for significant renovation or replacement, but due diligence is essential.
3. What does "renovated basement" entail?
This is a key question for viewing. Given the modest main living area, the quality and legality of the basement renovation will significantly impact the home's usable space and overall value.
4. How does the 2016 sale price relate to today's value?
The previous sale price is a historical point. The current assessed value and market conditions will be the primary drivers, but the large gap indicates the property may have been in need of significant work at that time.
5. Who are the most likely neighbours or comparable buyers?
Given the profile, immediate neighbours are likely owners of larger, higher-value homes. The buyer pool will be distinct from those looking at standard family homes in the area, potentially facing less competition from traditional buyers.