Property Overview: 164 Kitson Street, Norwood East, Winnipeg
Key Characteristics & Buyer Appeal
This 1,360 sqft home, built in 1905, presents a distinct value proposition in Winnipeg's Norwood East neighborhood. Its primary appeal lies in its below-average assessed value of $227k, which is significantly lower than averages on its street, in the area, and city-wide. This creates a notable entry point into a mature neighborhood. The living space is above average for Norwood East, offering more interior room than many nearby homes, though the lot size is compact at 3,060 sqft.
The property suits practical, value-conscious buyers. It's ideal for a first-time homeowner prioritizing location and interior space over a large yard, or for an investor seeking a rental property with a lower initial tax burden. Its age (121 years) suggests potential for character but also implies a need for thorough inspection and possible updates. The recent sale in late 2020 within the $150k-$200k range indicates it has been a turnover property, which savvy buyers might see as an opportunity to add value through thoughtful renovations.
Frequently Asked Questions
1. Why is the assessed value so much lower than the area average?
A significantly lower assessment can be due to several factors, including the home's age, the compact lot size, and the condition or style of the property relative to others. It typically results in lower property taxes, which is a financial advantage for the owner.
2. What does the "Above Average" living area for the neighborhood mean practically?
It means you are likely getting more interior square footage than most comparable homes in Norwood East. This is a key advantage if you value indoor living space over extensive outdoor yard space.
3. Are there concerns with a house built in 1905?
While offering potential charm, a home of this age requires diligent attention. A thorough inspection is essential to understand the condition of foundational elements, plumbing, electrical systems, and insulation. Budgeting for maintenance and updates should be expected.
4. How reliable is the sold price data shown?
The provided sold price range is based on publicly available data, not the MLS. For fully verified and exact historical transaction figures, you must request a manual lookup from the site via email.
5. The lot is smaller than average. What are the implications?
A smaller lot means less exterior maintenance and yard work. However, it also limits expansion possibilities, outdoor recreation space, and parking. It's a trade-off that suits those who prefer low-maintenance outdoor areas or prioritize the interior of the home.