707 Grierson Avenue

Property Overview: 707 Grierson Avenue, Fort Richmond, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home in Fort Richmond is a practical property that presents a clear value proposition. Built in 1965, its key characteristic is its renovated basement, adding functional living space to the 1,102 sqft footprint. The home sits on a 5,858 sqft lot, which is notably smaller than many in the immediate area but is close to the city-wide average. Its assessed value is significantly below the averages for both the street and the neighbourhood, suggesting a potentially lower entry point for buyers.

The appeal lies in its renovated condition, the efficiency of a single-level layout, and its location in the established, convenient Fort Richmond community. It suits first-time homebuyers seeking an affordable foothold in a desirable area, downsizers looking for manageable living without a complex layout, or value-focused investors. A less obvious perspective is that the smaller lot could mean lower maintenance costs and less yard work, which some buyers may see as a benefit rather than a drawback. The data indicates you are paying primarily for the home itself and its updates, not for excess land.

Section 2: Frequently Asked Questions

1. What does the assessed value tell me about the listing price?
The assessed value of $34,700k is a municipal valuation for tax purposes and is typically below market value. However, its ranking in the bottom 10% for the street and neighbourhood suggests this property may be priced more accessibly than many comparable homes in Fort Richmond.

2. How does the lot size impact this property?
At 5,858 sqft, the lot is smaller than most on Grierson Avenue and in Fort Richmond. This means less outdoor space but also potentially lower maintenance. It’s a trade-off that prioritizes the home and its renovations over expansive yard space.

3. The home sold in early 2021. What can that history indicate?
The recorded sale in the $30,500k-$33,500k range provides a recent benchmark. Market conditions and any subsequent renovations to the basement will influence the current value, but this history offers a grounded starting point for understanding the property’s price trajectory.

4. Who might this home not be suitable for?
It may not suit buyers who prioritize a large yard, need extensive above-ground square footage, or require garage parking. The one-storey design with a basement also means all main living areas are on one level.

5. What are the immediate neighbours like?
The listing shows several homes on the same block (699 to 715 Grierson Avenue), indicating a tightly knit, established streetscape with very close proximity between houses, which is common for the era and area.