Property Overview: 504 Regent Avenue E, Winnipeg
Section 1: Key Characteristics & Appeal
This home is defined by its modern build and premium valuation within its immediate community. Built in 2021, it is one of the newest homes in the Melrose area, offering move-in readiness and contemporary construction standards. With 980 sqft of living space, it is very typical for the neighbourhood but is notably compact compared to the Winnipeg city average.
The primary appeal lies in its strong assessed value of $400,000, which ranks in the top 4% on its street and top 2% in Melrose. This indicates it is considered a high-value property locally, likely due to its newness. The lot size of 3,305 sqft is standard for the area but smaller than typical city lots.
This property would best suit a buyer looking for a modern, low-maintenance home in a mature neighbourhood, who prioritizes newer infrastructure over expansive square footage. It’s a practical choice for a small household, a first-time buyer wanting a newer build, or an investor attracted to a property with a high assessment in a stable area. A less obvious perspective is that its elite local valuation against older comparables could mean higher property taxes, but also suggests a resilient base value for future resale within the community.
Section 2: Frequently Asked Questions
1. How does the assessed value compare to the last sale price?
The home sold for an estimated $400k–$450k when it was new in 2021. Its current assessed value is $400k, suggesting the official valuation aligns closely with its original purchase price.
2. Is the living space smaller than average?
Yes, but primarily on a city-wide scale. At 980 sqft, it is very close to the average for both Regent Avenue E and the Melrose neighbourhood. However, it is significantly smaller than the Winnipeg city average of about 1,342 sqft.
3. What are the implications of it being a 2021 build?
As a nearly new home, major components like the roof, HVAC, and appliances are likely under warranty or with significant remaining lifespan. This can mean lower immediate repair costs and modern energy efficiency, but potentially higher property taxes compared to older homes on the street.
4. The lot seems smaller than others. Is there room for expansion or outdoor space?
The lot is average for the street and neighbourhood but below the city average. It provides a standard urban yard for the area. Any potential for expansion (like an addition) would require checking specific setback and zoning bylaws with the city.
5. Why is its assessed value ranked so much higher locally than city-wide?
Its "Elite" local ranking reflects that a $400,000 assessment is very high for Melrose, where many homes are older and have lower valuations. City-wide, that value is around average, as it competes with a much broader range of property types and neighbourhoods. This highlights that it's a premium property within its own established community context.