614 Smithfield Avenue

Property Overview

This one-storey home at 614 Smithfield Avenue presents a specific and compelling value proposition. Its primary appeal lies in a significant, above-average land size paired with a recently renovated basement, offering a balance of potential and immediate livability within a modest footprint.

Key Characteristics & Ideal Buyer

The standout feature of this property is its generous 8,523 sqft lot, which ranks within the top 10% citywide and is exceptionally large for the Jefferson area. This provides rare space for gardening, expansion, or outdoor activities in an urban setting. The home itself, at 792 sqft, is compact and efficient, with a renovated basement adding valuable finished living space. Built in 1951, it is newer than many neighbouring houses. A detached garage offers additional storage or workshop potential.

Its appeal is grounded in practicality and future potential. It perfectly suits a first-time buyer, an investor, or a downsizer seeking a manageable home without sacrificing outdoor space. The value is in the land and the renovated basement, making it ideal for someone comfortable with a smaller main-floor living area who prioritizes a large yard or sees long-term value in the lot size. It’s a property for those who value space over square footage and are looking for an affordable entry into the market with room to grow.

Frequently Asked Questions

1. Is the house in need of major updates?
While the basement has been renovated, the main floor living area is compact at 792 sqft. Buyers should be prepared for a home whose primary living space is below the city average, with potential to update the main floor over time.

2. How does the assessed value compare to the likely selling price?
The assessed value is approximately $29,600, but recent sold price data (2021) shows a range up to $29,500. In today's market, the selling price is likely to be influenced more by the desirable lot size and recent sales of comparable properties than by the assessment alone.

3. What are the real advantages of such a large lot?
Beyond gardening or recreation, a lot of this size (nearly double the area average for Jefferson) offers uncommon potential for future additions like a garage, workshop, or even a secondary suite, subject to zoning approvals. It provides a sense of privacy and space rare for the price point.

4. What does the "below average" citywide ranking for living area mean for daily life?
It confirms the home’s main floor is cozier than the typical Winnipeg house. This emphasizes an efficient use of space and likely lower utility costs, but means storage and living layouts need to be thoughtful. The renovated basement is crucial for balancing this.

5. The sold price history shows a significant increase between 2017 and 2021. What might explain this?
The jump in sold price likely reflects the value added by the basement renovation completed during that period. This demonstrates how improvements have directly increased the property’s market value.