Property Summary: 62 Riel Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a compelling value proposition centered on its exceptional lot size. The nearly half-acre (18,049 sqft) property is its standout feature, ranking in the top 3% locally and city-wide. This offers rare potential for expansion, gardening, or outdoor recreation in the city. The house itself, built in 1963, is of average size (1,090 sqft) for the area and represents a classic, no-frills structure that may require updates. Its assessed value is notably strong for its immediate street, ranking in the top 7%, suggesting the property is viewed favorably relative to its neighbors.
The primary appeal lies in the land. It suits a buyer with a vision for the future—whether that's adding a large garage, creating extensive green space, or eventually building a more substantial home. It’s also a practical fit for those seeking a lower-density feel within the city without a premium price tag for the lot itself. The trade-off is that the existing living space is modest and dated, making it ideal for a handy buyer, an investor seeing land value, or someone willing to invest in renovations over time.
Section 2: Frequently Asked Questions
1. What does the high assessed value ranking on the street indicate?
It suggests the municipal assessment for this property is among the highest on Riel Avenue. This often reflects the value of the large lot and may influence property taxes, but it doesn't directly predict future sale price.
2. Is the house in original condition?
Given its 1963 build date and that it ranks as older than most in the neighborhood, it is very likely that major systems (roof, wiring, plumbing) and interiors may be original or dated, factoring into renovation plans and budgets.
3. How does the previous 2021 sale price relate to the current assessed value?
The assessed value ($46.80k) is for taxation purposes and is not a market valuation. The 2021 sale in the $400k-$450k range is a better indicator of actual market value at that time.
4. What are the implications of such a large lot?
Beyond space, it can mean higher maintenance (lawn care, snow clearing), potential for sub-division (subject to zoning), and possibly different insurance considerations. It also offers significant privacy and distance from neighboring homes.
5. Why is the living area considered "around average" when it's below all the group averages listed?
The ranking compares it to a group of "comparable homes." Its rank (e.g., 92 out of 149 on the street) places it in the middle of the pack, even though the average size of all homes in that group is larger. This means there are many homes both larger and smaller than this one.