Property Summary: 506 Regent Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a distinct value proposition centered on its land and assessed value within its immediate context. Built in 1952, the 728 sqft house is notably compact, ranking in the bottom 15% for living space on its street and in the Melrose area. However, this is balanced by a generous, above-average lot of nearly 5,000 sqft, placing it in the top 25% locally for land area. The property’s assessed value of $30,200 is consistently above average for both the street and the neighbourhood, suggesting official recognition of its underlying lot value or potential.
The primary appeal lies in this land-to-structure ratio. It suits a buyer looking for a foothold in the area with a clear opportunity to add value, whether through expansion, renovation, or redevelopment over time. It’s a practical choice for an investor, a first-time buyer comfortable with a smaller footprint, or a hands-on owner who sees the potential in the sizable yard. The recent 2024 sale in the $300k-$350k range, which ranks in the top 13% of sales on the street, indicates strong market interest in this specific potential.
Section 2: Frequently Asked Questions
1. Why is the living area so much smaller than nearby homes?
At 728 sqft, the home is significantly more compact than most neighbours. This is characteristic of its original 1950s build and highlights that the property’s current value is likely more tied to its land than its existing structure.
2. What does the high assessed value relative to the street mean?
While the house is small, its assessed value ($30,200) is above the street average. This typically reflects the city’s assessment of the property’s market value, heavily influenced here by the larger-than-average lot size in a established neighbourhood.
3. Is the large lot a potential advantage?
Yes. The lot of 4,948 sqft is a key feature, offering ample outdoor space and future potential that many newer properties lack. This provides flexibility for gardening, additions, or other improvements subject to local zoning.
4. How does the recent sale price compare?
The 2024 sale price range of $300k-$350k placed in the top 13% of sales for Regent Avenue W. This suggests buyers are paying a premium for the property’s specific combination of location and lot potential, despite the home’s modest size.
5. Who would this property not suit?
It may not be the best fit for buyers seeking a move-in-ready home with ample interior space who do not wish to undertake renovations or consider future construction projects. The value here is in the opportunity, not in immediate square footage.