Property Overview
This 800 sqft one-storey home at 604 Melrose Avenue E in Winnipeg's Kildare-Redonda neighbourhood presents a practical and affordable entry point into the market. Built in 1963, it sits on a 3,300 sqft lot and features a renovated basement and a detached garage. Its assessed value is notably modest compared to city-wide averages. The appeal here is rooted in value and simplicity: it’s a smaller, manageable property with recent updates below ground, suited for those who prioritize financial accessibility over square footage. It would particularly suit first-time buyers, downsizers looking to reduce maintenance, or investors seeking a straightforward rental property. A less obvious perspective is that its smaller living area and lot size, while below area averages, translate to lower utility costs and less yard work—a practical trade-off. Additionally, being newer than many homes on its street could mean fewer immediate major repairs.
Key Details & FAQs
- Living Space: 800 sqft (below average for the area and city).
- Lot Size: 3,300 sqft.
- Year Built: 1963.
- Key Features: Renovated basement, detached garage.
- Last Sold: May 2022, for approximately $29.5k - $32.5k.
- Current Assessed Value: $29,300.
1. What does the "renovated basement" include?
The listing notes a renovated basement but does not specify the scope. A buyer should inquire about the quality of the renovation, whether it includes a legal secondary suite or additional living space, and if permits were obtained.
2. How does the assessed value compare to likely market value?
The assessed value is significantly lower than typical Winnipeg home prices. It's crucial to understand that municipal assessments are for tax purposes and often differ from market value. Recent nearby sales and the home's condition will be the true determinants of price.
3. Is the smaller living area a concern?
At 800 sqft, the living area is compact. This is ideal for minimalists or those wanting to keep heating/cooling costs low, but may feel tight for a growing family or those needing dedicated home office space. The renovated basement could offset this if it provides usable space.
4. What is the neighbourhood like?
Kildare-Redonda is a mature neighbourhood. The property ranks in the middle tier for assessed value on its own street, suggesting it fits within a mix of modest, established homes. Researching local amenities, traffic patterns, and future development plans would be wise.
5. Why is there such a big difference between its assessed value and the city-wide average?
The city-wide average assessed value includes all property types and sizes across Winnipeg. This home's value is reflective of its smaller size, specific location, and the modest valuation of many properties in its immediate area, not necessarily an indication of something being wrong.