Property Overview
540 Berwick Place is a 962 sqft home built in 1957, situated on a 1,869 sqft lot in Winnipeg's Lord Roberts neighbourhood. Its assessed value is $210,000. The property presents a specific value proposition defined by its context within the immediate street, the broader neighbourhood, and the city.
Key Characteristics & Appeal
This home’s primary appeal lies in its position as a more affordable entry point into a mature, established neighbourhood. While its living space is fairly typical for the street, its assessed value is notably below average for both Berwick Place and Lord Roberts. This creates a value gap, suggesting the potential for equity growth through updates or simply by aligning with area norms over time.
The house is newer than most on its street and in the neighbourhood, which can be an advantage for maintenance and systems. However, the lot size is significantly smaller than area averages, indicating a compact, low-maintenance yard—a draw for those seeking minimal outdoor upkeep.
It would suit first-time buyers or investors looking for a foothold in a central neighbourhood without the premium price tag. It’s less suited for those prioritizing expansive outdoor space or a home at the top end of area comparables. A thoughtful perspective is that this property represents a "neighbourhood play," where the value is derived more from its location than its current specifications, offering a canvas for personalization.
Frequently Asked Questions
1. Why is the assessed value so much lower than the area average?
Assessed values are based on many factors, including the home's specific attributes, recent sales, and lot size. Here, the smaller-than-average lot and the home's condition relative to peers likely contribute to the lower assessment, which results in a correspondingly lower property tax burden.
2. What does the "newer" year built (1957) mean for me?
While 1957 is older by city-wide standards, it's newer than many homes on the street and in Lord Roberts. This can mean updated building materials and potentially fewer major legacy maintenance issues than much older homes, though a full inspection is still essential.
3. How usable is a 1,869 sqft lot?
The lot is compact, especially compared to others in the area. It provides space for a modest yard, garden, or patio but not for extensive additions or sprawling recreational space. It appeals to those who want some outdoor area without the maintenance of a larger lot.
4. The home last sold between $150k-$200k in 2019. What does that indicate?
That sale price range, well below the current city-wide average, highlights the property's longstanding value positioning. It suggests the potential for appreciation as neighbourhood prices rise, but also underscores the importance of understanding what condition or factors led to that price point.
5. Who are the typical neighbours in terms of property types?
Based on nearby listings, Berwick Place and Lord Roberts feature a mix of early to mid-20th century homes of varying sizes and conditions. You'll find everything from compact, older homes like the reference property at 689 Rathgar Avenue to recently built, higher-value homes like 718 Kylemore Avenue (2021, $410k assessment). This diversity can mean more varied streetscapes and a broad range of property values.