Property Overview: 583 University Crescent, Fort Richmond, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1966, presents a compelling opportunity centered on its generous lot and solid foundation. Its primary appeal lies in the exceptional 11,888 sqft property, which ranks within the top 5% of lot sizes in Fort Richmond. This offers rare potential for expansion, gardening, or outdoor living in a mature neighborhood. With 1,628 sqft of living space, the home is also notably larger than many comparable properties on its street and in the wider area.
The home suits buyers looking for a project or a long-term hold with room to grow. It’s ideal for a handy purchaser or someone planning a future renovation, as the basement is noted as unrenovated and there is no garage. The assessed value is modest relative to the substantial land holding, which may indicate room for value appreciation through updates. This isn't a move-in-ready showcase, but a property where the core assets—space and land—are already in place, waiting for personalization.
Frequently Asked Questions
1. What is the most standout feature of this property?
The lot size is the defining feature. At nearly 12,000 sqft, it is significantly larger than the average Winnipeg lot, offering exceptional outdoor space and future potential that is hard to find in established neighborhoods.
2. What should I budget for beyond the purchase price?
Prospective buyers should plan for updates, particularly to the basement. The listing notes it is unrenovated. You should also factor in the cost of adding parking or storage solutions, as the property has no garage.
3. How does the assessed value compare to recent sale prices?
The home last sold in August 2024 for between $395,000 and $425,000, which is close to its current $380,000 assessment. This suggests the market price aligns fairly closely with the city's valuation.
4. Is the living space efficiently laid out?
At 1,628 sqft, the home is spacious for its style and era. However, as a one-and-a-half storey design from the 1960s, the floor plan may feel compartmentalized compared to modern open-concept layouts. Viewing the home in person is essential to see if the space meets your needs.
5. What is the neighborhood like?
Located on University Crescent in Fort Richmond, the area is a mature, established community. The street-specific data shows the home's living area and lot size are above average for the immediate block, suggesting it is one of the larger properties on the street.