Property Overview & Appeal
This one-storey home on Redwood Avenue is a classic Winnipeg character property built in 1934. Its key appeal lies in its combination of a generous, well-sized lot and a very modest municipal assessment, suggesting significant potential for the right buyer. The 3,012 sqft lot is notably larger than many in the area, ranking in the top quarter for size on its street, while the living space is a practical 838 sqft. It features an attached garage and an unrenovated basement, presenting a straightforward canvas.
The property would suit a value-focused buyer looking for land potential in the St. John's neighbourhood, such as a first-time investor comfortable with a project, or someone seeking a lower entry point into homeownership with space to gradually customize. A less obvious angle is its appeal to a buyer who prioritizes low ongoing property taxes due to the assessed value, freeing up budget for renovations or other investments. It’s a property where the value is more in the land and the opportunity than in move-in-ready finishes.
Frequently Asked Questions
1. What does the assessed value indicate?
The assessed value of $12.5k is for municipal tax purposes only and is significantly lower than typical market prices. It ranks in the top 2% for low assessment city-wide, which generally translates to lower annual property taxes.
2. How does the lot size compare?
At just over 3,000 sqft, the lot is a standout feature. It is larger than approximately 73% of other lots on Redwood Avenue, offering more outdoor space or future expansion potential than many nearby properties.
3. What is the significance of the 2016 sale price?
The property sold for $10.5k in July 2016. This historical price is useful for understanding market trends but is not a direct indicator of current value, which is influenced by many factors including today’s market conditions and the property’s state.
4. Who might the "similar assessed value" comparisons be for?
The listed properties with similar assessed values (e.g., units on Pembina Highway) are likely condominiums or apartments. This highlights how this single-family home offers a different type of ownership (with land) at a similar tax-assessment level.
5. What should I consider about the basement?
The listing notes the basement exists but is "not renovated." Prospective buyers should budget for inspections to understand its current condition, potential for moisture management, and the scope of work needed to make it a functional space.