Property Overview
This 980 sqft, one-storey home at 622 Coldstream Avenue in Winnipeg's Kildare-Redonda neighbourhood presents a straightforward, value-oriented opportunity. Built in 1963, it sits on a 5,000 sqft lot that is slightly larger than many in the immediate area. The home features a renovated basement, no garage, and no pool. Its assessed value is notably below the citywide average, and it last sold in May 2020. The appeal here is grounded in its position as a modest, established property in a mature neighbourhood, offering a manageable footprint and a relatively low tax assessment.
Key Characteristics & Ideal Buyer
The home’s key characteristics are its compact size, renovated basement, and the proportionately generous lot for the area. Its living space is typical for the street and neighbourhood but is below the Winnipeg average, indicating a more efficient, easier-to-maintain layout. The lot size is a standout, offering above-average outdoor space for the immediate locale, which is a less obvious advantage for gardening, expansion, or simply having more breathing room.
This property would suit first-time homebuyers seeking an affordable entry into the market, downsizers looking for a single-level living option without a sprawling yard, or practical investors interested in a property with a stable assessment and proven rental history (via the basement suite). Its value proposition is rooted in practicality rather than luxury, appealing to those who prioritize function, lower ongoing costs, and the potential of the lot over a large or modernized interior.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
Assessed value for tax purposes is not the same as market value. This assessment reflects the property's specific characteristics (size, age, features) relative to its immediate area and is used for calculating property taxes, not setting a sale price.
2. What does having a "renovated basement" typically mean for a home of this era?
In a 1963 home, this usually indicates updates to basic finishes like flooring, paint, and possibly a modernized bathroom or kitchenette. It’s important to clarify the scope, permits, and the nature of the renovation (e.g., cosmetic vs. structural).
3. How does the lack of a garage affect daily living and property value?
It simplifies maintenance and reduces building costs but requires reliance on street parking or the potential addition of a driveway/pad. In this neighbourhood, street parking is common, but buyers should assess parking availability directly.
4. The home sold in 2020. What can that price history tell me?
The past sale price provides a market anchor from five years ago. Given changes in the market and any updates made since, the current value will be different. It's a useful data point for understanding longer-term trends, not for pinpointing today's value.
5. The lot is larger than others on the street. What are the implications?
This can be a significant advantage. It may provide more privacy, space for additions like a garage or deck, better drainage, or simply a more substantial feel. It also potentially represents a greater portion of the property's long-term value.