Property Overview: 649 Redwood Avenue
Key Characteristics & Appeal
This is a compact, one-storey home built in 1910, offering 892 square feet of living space on a modest 2,283 sqft lot in the Inkster-Faraday neighbourhood. Its key appeal lies in its position as an accessible entry point into the Winnipeg market. With a very low assessed value that places it in the bottom tier city-wide, it represents one of the most affordable homeownership opportunities available. The home has a basement, though it is noted as not being renovated, and there is no garage or pool.
The property suits specific buyer profiles: first-time buyers or investors seeking a minimal initial financial outlay, and those comfortable with a home that likely requires updates and modernization. Its size and layout may also appeal to downsizers or individuals seeking a simple, low-maintenance footprint. A less obvious perspective is that its age and established location could offer a sense of character and community often found in older neighbourhoods, despite the need for investment. It’s important to note that while its living area is around average for its immediate area, it is significantly smaller and sits on a much smaller lot than the typical Winnipeg home.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics—including its smaller size, older age, and unrenovated condition—relative to the broader market. It reflects the home's current state and market position rather than an arbitrary figure.
2. What does "basement, not renovated" typically imply?
This usually indicates a functional but unfinished or dated basement space. Buyers should anticipate it needing work to modernize or finish, and a thorough inspection is recommended to check for foundational, moisture, or structural issues common in century-old homes.
3. Who would this property not be suitable for?
It would likely not suit buyers looking for a move-in-ready home, those needing multiple bedrooms or ample living space, or anyone requiring dedicated parking like a garage, as none is present.
4. The sold price history shows a wide range. What does this indicate?
The significant variation in past sold prices (e.g., $4.5k-$7.5k in 2024 vs. $8.5k-$11.5k in 2019) can reflect changing market conditions, the property's specific condition at the time of sale, or the terms of the sale (e.g., as-is, quick closing). It underscores the importance of understanding the context behind each transaction.
5. How does the lot size impact potential for expansion or outdoor space?
At just under 2,300 sqft, the lot is considerably smaller than average. This may limit possibilities for major additions, detached structures, or extensive landscaping, making efficient use of the existing footprint and the basement more critical for adding space.