Property Overview
This is a 725 sqft condo unit located at 2-303 Leola Street in Winnipeg's Kern Park neighbourhood. Built in 1958, it presents a specific value proposition defined by its comparative data. Its appeal lies in being an entry-point property with very low carrying costs, situated in an established area. The unit last sold in May 2024.
Key Characteristics & Ideal Buyer
The unit’s most defining feature is its exceptionally low assessed value ($11,400), which places it in the bottom 3% of properties citywide. This translates to predictably low property taxes, a significant and ongoing financial advantage. The living space is average for its immediate condo complex and Kern Park area, but below the Winnipeg average. Being the oldest building on its street (ranked 1 of 12 by year built) suggests a well-established, no-frills structure rather than a modern build.
This property would suit a specific type of buyer: a first-time investor looking for a cash-flow positive rental with minimal tax overhead, or an extremely budget-conscious owner-occupant (such as a retiree or minimalist) whose primary goal is to minimize fixed housing costs. Its value is purely functional and financial rather than based on size, luxury, or modern amenities. It’s a practical choice for those who view a home primarily as a cost center to be managed.
Frequently Asked Questions
1. Why is the assessed value so much lower than other properties?
The assessed value is based on the municipal valuation, which for a condo includes the unit's share of the building and land. This low value likely reflects the building's age (1958), the unit's modest size, and its relative position within the Winnipeg market. It consistently ranks in the bottom 10% for its street, neighbourhood, and city.
2. What does the sale history indicate?
The unit sold in May 2024 for an estimated range of $9,500 to $12,500. This recent sale close to its assessed value suggests a stable, non-speculative market for this type of property.
3. Who manages the condo corporation, and what are the fees?
This information is not provided in the public data. A potential buyer must request the condo corporation's financial statements, bylaws, and reserve fund study from the seller to understand monthly fees, management, and the health of the building.
4. How does its age affect potential repairs or updates?
Built in 1958, major building systems (roof, plumbing, electrical common elements) may be older or have been updated over time. An inspection is crucial to understand the condition of the unit itself and any upcoming special assessments the corporation might levy for major repairs.
5. Are the other units in the building similar?
The listing shows several adjacent units at 303 Leola Street with the same assessed value and year built, indicating this is part of a uniform, older condo complex. This can mean predictability but also shared challenges related to the building's age.