Property Overview: 22 Cedar Place, Norwood West
Section 1: Key Characteristics & Appeal
This 1949-built home in Norwood West presents a distinct value proposition centered on its land. With a living area of 951 sq ft, the house itself is notably compact, ranking below average in size for its street, neighborhood, and city. However, it sits on a generous 6,223 sq ft lot, which is the largest on Cedar Place (ranking 1 of 20) and well above average for the Norwood West area.
The primary appeal lies in this land-to-structure ratio. The assessed value of $406k is around the local average, suggesting you are paying predominantly for the location and the potential of the sizable lot, rather than for finished square footage. This makes the property a compelling canvas for a specific buyer.
It would best suit a practical buyer or investor with a vision for the land. This could be a homeowner planning a future expansion or rebuild, someone who values extensive outdoor space for gardens or recreation over a large interior, or an investor seeing long-term value in a sizable lot in an established neighborhood. It is less suited for those seeking a move-in-ready home with ample indoor space.
Section 2: Frequently Asked Questions
1. Is the house in livable condition, or is this a teardown?
The listing does not specify condition. Given its age and below-average size, a professional inspection is essential to determine if it’s a candidate for renovation, expansion, or eventual replacement.
2. Why is the assessed value average when the house is smaller than average?
The assessment reflects both the building and the land. The value is likely supported by the desirable lot size and location in Norwood West, offsetting the smaller living area.
3. What are the zoning regulations for this lot?
This is a critical question. The large lot may have potential for additions, a garage, or even subdivision, but this is entirely dependent on local zoning bylaws. This research should be a top priority.
4. How does the last sold price (2019, between $300k-$350k) relate to the current assessment?
The increase from the 2019 sale price to the current $406k assessment reflects market appreciation over five years. It indicates the property has grown in value, consistent with broader market trends.
5. Are the property taxes based on the $406k assessment?
Yes, municipal property taxes will be calculated using this assessed value. You can estimate the tax bill by applying Winnipeg’s current tax rate to this figure.