Property Overview: 488 Woodlands Crescent, Winnipeg
Key Characteristics & Buyer Profile
This is a compact, one-storey home built in 1956, situated on a standard city lot in the Kirkfield neighbourhood. Its key appeal lies in its position as an accessible entry point into the Winnipeg housing market. With a living area of 694 sq ft and an assessed value significantly below area averages, it represents one of the more modestly sized and priced properties available.
The home’s primary draw is its affordability and the potential it offers. It suits first-time buyers or investors seeking a low-cost foothold in the city, where the land value and location may offer more long-term potential than the existing structure itself. A thoughtful perspective for the right buyer is viewing this not just as a small house, but as a manageable project. Its below-average size and value for the street and area mean lower property taxes and less space to maintain, which can be a strategic advantage for someone looking to minimize ongoing carrying costs while building equity. It’s a practical choice for those comfortable with a cozy layout, possibly looking to renovate or update over time.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home’s smaller size, age, and specific market position within its immediate area. It’s consistently ranked below average for both the street and the wider Kirkfield neighbourhood, indicating it’s a more modest property in its context.
2. What does the "below average" ranking for Land Area mean?
While the lot size of 4,801 sq ft is around the Winnipeg average, it is the smallest lot on Woodlands Crescent and among the smallest in Kirkfield. This means less private outdoor space compared to direct neighbours, but it is still a standard city lot.
3. Who would this property be most suitable for?
It is best suited for budget-conscious first-time homebuyers, downsizers seeking minimal upkeep, or investors looking for a rental property with a lower initial investment. It is less suited for those requiring multiple bedrooms, ample living space, or a move-in-ready home without any updates.
4. The home recently sold. What can that price tell me?
The sold price range from May 2024 (approximately $23.5k - $26.5k) confirms the home transacts at a level consistent with its low assessed value. This provides a concrete benchmark for its market value as a very affordable property.
5. Are there any major red flags based on the provided data?
The data itself doesn’t show red flags, but it clearly highlights considerations: the home is significantly smaller than most in the area, it’s among the oldest on the street, and the lot is smaller than its immediate neighbours. A buyer should budget for potential updates common to a home of this age and be comfortable with a compact floor plan.