Property Overview: 405 Smithfield Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Smithfield Avenue in the Jefferson neighborhood presents a straightforward, no-frills opportunity. Its key characteristic is value stability, with an assessed value that is consistently around the average for its immediate street and neighborhood. The home is modest in size at 652 sqft, which is below average for the area, but it sits on a standard city lot and features a renovated basement and a detached garage.
The appeal lies in its role as an affordable entry point into the Winnipeg market. It suits practical buyers looking for a manageable footprint, such as first-time homeowners, downsizers, or investors seeking a rental property with lower maintenance costs. A thoughtful perspective is that its "below average" size and "around average" value for the street suggest you are paying primarily for the land and location within Jefferson, rather than for the home's square footage. This could appeal to someone viewing it as a long-term hold or a future redevelopment site. Its recent sale history shows steady, incremental price increases, indicating a stable—if not rapidly appreciating—asset.
Section 2: Frequently Asked Questions
1. Is the home's smaller living area a concern?
While the 652 sqft living area is below the neighborhood average, the renovated basement provides additional usable space. This layout can be efficient for individuals, couples, or as a rental.
2. How does the assessed value compare to recent sale prices?
The current assessed value is approximately $28,600. The home sold twice in 2021 for prices ranging from roughly $24,500 to $29,500, suggesting the assessment is in line with recent market activity.
3. What does the sale history indicate about the property's value?
The home has sold three times since 2016, each time at a higher price range than the last. This pattern points to gradual, steady growth in value over the past decade.
4. Is the older age of the home (built in 1947) a problem?
The age is typical for Jefferson. While core systems may need attention due to age, the renovated basement is a positive update. A pre-purchase inspection is always recommended for homes of this vintage.
5. Who are the most likely buyers for this property?
It is best suited for value-focused buyers: first-time homeowners prioritizing location over size, investors looking for a stable rental, or downsizers seeking a manageable property with a garage and some updated space.