550 Jefferson Avenue

Property Overview: 550 Jefferson Avenue

Key Characteristics & Appeal

This one-and-a-half storey home at 550 Jefferson Avenue presents a practical and well-positioned offering in Winnipeg's Jefferson area. Its key appeal lies in its strong relative value and modernized foundation. The 1,199 sqft living area is notably above average for both the street and the broader Jefferson neighborhood, providing more interior space than many comparable homes. A significant feature is the renovated basement, which adds immediate functional living space without the need for a project.

The home’s assessed value ranks in the elite top 5% for the Jefferson area, suggesting it is viewed favorably by municipal assessment compared to its local peers, despite the lot size being more compact than average. Built in 1975, it is a newer construction relative to many homes in its immediate vicinity, which may imply fewer concerns with outdated major systems found in much older homes.

This property would suit first-time buyers or downsizers looking for a move-in-ready footprint with a modernized lower level. It’s also a sensible fit for value-oriented buyers who prioritize interior space and updated essentials over a large yard. The detached garage offers flexibility for parking or storage.

Frequently Asked Questions

1. What does the high assessed value ranking actually mean?
It means the municipal property assessment for this home is higher than 95% of similar properties in the Jefferson area. This can indicate a well-maintained or improved property relative to neighbors, but it is not a direct marker of market selling price.

2. The lot is smaller than average. How much of an impact does this have?
The 3,500 sqft lot is more compact, which typically means less exterior maintenance. It appeals to those preferring a simpler yard but may be a limitation for buyers wanting extensive outdoor space, gardens, or future expansions like a large addition.

3. The home sold in early 2016. What can that price history tell me?
The prior sale price (shown as a range) provides a historical benchmark, but it reflects the market from over nine years ago. Its primary use is to gauge the property’s price trajectory over a very long period, not to predict its current value.

4. How does the "renovated basement" factor into the living area?
The 1,199 sqft living area likely includes the renovated basement space. This is a key advantage, as it means the renovation is likely to have been done with permits and is reflected in the home’s official square footage and assessment, adding immediate livable space.

5. The home is newer than many on the street. What are the potential benefits?
A 1975 build date may offer more modern wiring, plumbing, and insulation standards compared to the neighborhood averages (which are from the 1950s). This can translate to lower immediate repair costs and potentially better energy efficiency, though a full inspection is still essential.