Property Overview: 2 Lipsett Crescent, River West Park, Winnipeg
Section 1: Key Characteristics & Appeal
This 1,160 sqft bungalow, built in 1974, presents a practical opportunity in Winnipeg’s River West Park neighborhood. Its key appeal lies in its balance of space and value. While the living area is modest compared to immediate neighbors, the 7,806 sqft lot is significantly larger than the Winnipeg average, offering ample outdoor potential. The citywide assessed value of $414k is slightly above average, yet it sits below the averages for both the street and the neighborhood, suggesting a potentially more accessible entry point into this area.
The property would suit first-time buyers or downsizers seeking a manageable single-level home with a generous yard for gardening, recreation, or future expansion. It also appeals to the value-conscious buyer who prioritizes land size over interior square footage and is comfortable with a home that may require updates, as it is one of the older homes on its street. A thoughtful perspective is that this home offers the space and quiet of a established neighborhood without the premium price tag of a larger or fully renovated property on the same block.
Section 2: Frequently Asked Questions
1. How does this home’s value compare to recent sales?
According to available data, the home last sold between $250,000 and $300,000 in March 2019. Its current assessed value of $414k is above that range, reflecting market changes. For verified, exact historical sale prices, a manual lookup can be requested.
2. Is the living space smaller than other homes nearby?
Yes. At 1,160 sqft, the living area is below the average for both Lipsett Crescent (1,448 sqft) and the wider River West Park neighborhood (1,678 sqft). However, it is close to the citywide average for comparable homes.
3. What is the standout feature of the property?
The land size. The lot of 7,806 sqft is well above the Winnipeg average (6,570 sqft), meaning you are getting more outdoor space than most city properties. This is a key asset not reflected in the interior square footage.
4. Why is the assessed value lower than the street and neighborhood averages?
The assessed value of $414k is below the averages for the immediate street ($456.5k) and neighborhood ($485.6k). This is likely due to a combination of its smaller living area, older age relative to the street, and the assessed value system which considers these factors. This can represent a value opportunity within the area.
5. Where can I see how this property compares visually to its neighbors?
A neighborhood analysis map is available for this property, allowing you to see it in context and compare details like year built, lot size, and assessed value with nearby houses.