Property Overview: 501 Smithfield Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on a standard city lot presents a practical and value-oriented opportunity in the Jefferson neighbourhood. Its key characteristic is a renovated basement, adding functional living space to the 792 sqft main floor. The detached garage offers utility and storage. Built in 1950, it is a newer construction compared to many on its street, which can mean fewer concerns with aging core components.
The appeal lies in its strong value proposition. The home's assessed value ranks above average for both its immediate street and the Jefferson area, suggesting it is viewed favorably relative to its local peers. This indicates a solid foundation of equity. It suits first-time buyers seeking a manageable, move-in-ready starter home with updated essentials, or investors looking for a straightforward rental property with a desirable modernized feature (the basement) in a stable, established neighbourhood.
A less obvious perspective is the lot size. While average for the city, the land area is above average for Jefferson, offering slightly more outdoor space than many nearby properties—a subtle perk for gardening or expansion. Additionally, its "newer" vintage for the street may translate to more modern wiring, plumbing, or insulation compared to neighbouring, older homes.
Section 2: Frequently Asked Questions
1. How does the living area compare to nearby homes?
At 792 sqft, the main living area is below the average for both the Jefferson neighbourhood and Winnipeg overall. However, the renovated basement provides additional finished space, effectively increasing the usable square footage.
2. What does the above-average assessed value ranking mean?
The home’s assessed value is higher than most comparable homes on its street and in Jefferson. This typically reflects factors like the basement renovation, the lot size, and its condition, suggesting the property has been maintained or improved in ways that official valuation recognizes.
3. Is the 1950 build date a concern?
While 76 years old, the data shows this home is actually newer than 85% of the houses on Smithfield Avenue. This relative age can be an advantage, potentially meaning updates to foundational elements have already been addressed.
4. What is the neighbourhood context of Jefferson?
The provided data compares the home only within Jefferson and city-wide benchmarks. Prospective buyers should research the neighbourhood separately for insights on amenities, schools, and community feel to see if it aligns with their lifestyle.
5. How useful are the comparisons to nearby and similarly-valued properties?
The listed nearby properties (e.g., 505, 497 Smithfield) give a direct sense of the streetscape and immediate market. The homes with similar assessed values across different neighbourhoods highlight what price point this home occupies city-wide, useful for understanding your buying power in various areas.