Property Overview: 533 Kavanagh Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home in Dufresne presents a distinct profile. Built in 1911, it offers 1,210 sqft of living space, which is notably above average for both its immediate street and neighborhood. The property sits on a 3,426 sqft lot and includes a detached garage. A key characteristic is its significant disparity between its physical size and its official assessed value, which is well below area averages. This suggests a property that may not reflect recent market trends in its valuation, potentially due to its unrenovated basement and age. Its appeal lies in this very contrast: it offers more interior space than many nearby homes at a very low municipal tax assessment, which could be attractive for long-term tax savings. The home would suit a value-conscious buyer looking for a character home with room to grow, who is prepared for the maintenance or gradual updating that comes with an older property. It’s a practical option for those who prioritize usable space and lower carrying costs over modern finishes or a large yard.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby properties?
The assessed value is based on municipal valuation formulas, which heavily consider factors like the unrenovated basement and the home’s age. It may not have been reassessed recently to reflect current market conditions or the value of its above-average living area.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a full main floor with a second floor under sloping rooflines, creating cozy bedrooms or attic spaces. For a 1911 home, this often means classic character but potentially lower ceiling heights in the upper rooms.
3. How does the below-average land area impact the property?
While the lot is smaller than the citywide average, it is quite standard for the Dufresne neighborhood. This means lower outdoor maintenance while still providing reasonable private outdoor space, a trade-off that is common in established communities.
4. The home last sold in late 2022. What should I consider?
The recent sale indicates a potentially active market for the property. A buyer should investigate why it was sold previously after a short period and what, if any, changes were made during that ownership.
5. What are the main considerations with an unrenovated basement?
This offers both a blank canvas and a note of caution. It provides expansion potential but requires a thorough inspection for foundational integrity, moisture management, and necessary updates to plumbing or electrical systems that may be required for future finishing.