Property Overview
This one-and-a-half storey home at 689 Redwood Avenue is a compact, century-old property that presents a clear value-oriented opportunity. Its primary appeal lies in its extremely low financial barriers, both in terms of its assessed value and its historical sale prices. The home is modest in scale at 795 sq ft, with an unfinished basement and no garage, situated on a smaller urban lot. It suits a very specific buyer: those seeking absolute minimum entry into the Winnipeg market, investors looking for a low-cost rental property, or individuals comfortable with a home that requires modernization and offers basic, functional space rather than modern amenities.
A thoughtful perspective on this property is to view it not just as a small house, but as a land play in an established neighbourhood. While the lot is below average in size for the city, it represents the majority of the property's value. For a buyer with renovation skills or a long-term vision, the low initial cost provides significant room to invest in improvements over time. It’s a property defined by potential and practicality, not by immediate comfort or finish.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value is based on the property's current state, size, and market area. This home's very modest square footage, age, and lack of renovations place it in a different category than the average Winnipeg home, resulting in a proportionally lower assessment.
2. What should I budget for beyond the purchase price?
Given the home's age (built in 1913) and unrenovated basement, prospective buyers should budget for potential updates to essential systems like wiring or plumbing, as well as general maintenance. Heating costs and potential efficiency upgrades are also key considerations for an older home.
3. Is the unfinished basement a drawback or an opportunity?
It's both. It means no finished living space is currently available, which affects livable square footage. However, it also presents a blank canvas for future development—such as adding a laundry area, storage, or even extra living space—without the need to demolish existing finishes.
4. Who would this property not be suitable for?
It would likely not suit a family needing multiple bedrooms or ample living space, anyone seeking a move-in ready home with modern conveniences, or buyers who prioritize private parking, as there is no garage.
5. How meaningful are the "top percentile" rankings provided?
These rankings are useful for comparison. They clearly show this home is significantly below citywide averages for size and value, but is more typical when compared just to its immediate neighbourhood and street. This indicates you are looking at a smaller, more affordable segment of the local market.