Property Overview: 4377 Ridgewood Avenue, Winnipeg
Key Characteristics & Appeal
This 1981-built, single-storey home sits on a notably large, 8,183 sqft lot in the Eric Coy neighbourhood. With 1,138 sqft of living space and an unfinished basement, it presents a straightforward layout with significant potential for expansion or customization. The property's primary appeal lies in its substantial land size, which ranks within the top 11% of all lots in Winnipeg, offering rare space for gardens, recreation, or future additions in the city.
Its value proposition is grounded in its lot and location. While the home itself is modest in size and finish relative to the area, the recent assessment value has seen a notable increase since its last sale in 2021. This home would best suit a value-conscious buyer—perhaps a first-time homeowner, an investor, or a hands-on renovator—who prioritizes land over turn-key luxury. The large lot offers a blank canvas for outdoor enthusiasts or those planning a future home expansion, making it a property where the core investment is in the land itself, with the existing house providing functional living space to build upon.
Frequently Asked Questions
1. What does the "ranking" data actually mean?
The rankings compare this property against others on its street, in Eric Coy, and across all of Winnipeg. For example, its land size is better than 89% of Winnipeg properties, placing it in the top 11%. Conversely, its living area is smaller than 54% of city homes. This helps gauge its relative strengths and weaknesses.
2. The assessed value jumped significantly since 2021. What does that indicate?
The current assessment of $371,000 is considerably higher than the 2021 sale price of $330,000. This typically reflects strong market-wide appreciation and, likely, the premium value assigned to its very large lot. It's important to note that assessed value is for municipal taxation and may differ from current market value.
3. Is the unfinished basement a drawback or an opportunity?
It's primarily an opportunity. The basement provides essential mechanical space and significant storage. For a buyer willing to invest, it represents potential to add finished living space, increasing the home's total square footage and value.
4. Who would this property NOT be well-suited for?
It may not suit buyers seeking a modern, move-in-ready home without renovation projects. Those prioritizing immediate move-in convenience, extensive finished space, or a newer build might find the property too basic.
5. There's no garage. How big of an issue is that?
For many Winnipeg buyers, a garage is a major asset for vehicle protection. Its absence here is a trade-off for the large lot. The lot size does, however, provide ample space to add a detached garage or workshop in the future, subject to local zoning and permits.