495 Redwood Avenue

Property Overview & Appeal

This one-and-three-quarter storey home on Redwood Avenue is a classic Winnipeg character property built in 1903. Its key appeal lies in its solid fundamentals and potential, rather than in being a turn-key modern home. The lot is a generous 3,014 sqft, ranking in the top 12% for size across Winnipeg, offering valuable outdoor space. While the 1,135 sqft living area is modest, the home features a basement (not renovated) and sits on a street where its assessed value ranks in the top 10% among neighbours, suggesting a perceived stability or upside in the location.

The property would suit a specific type of buyer: a hands-on purchaser looking for a character home in St. John's, comfortable with a project. It appeals to those who value a large lot for gardening, expansion, or simply having space, and who see the unrenovated basement as a blank canvas rather than a drawback. It's a practical entry point into homeownership in a historically rich neighbourhood, ideal for an investor or a DIY enthusiast willing to gradually add value. A less obvious perspective is that its exceptionally low assessed value, while impacting property taxes, also indicates significant room for value growth through thoughtful updates.

Frequently Asked Questions

1. What does "one-and-three-quarter storey" mean?
This is a common architectural style for homes of this era. It typically means the second floor has full-height ceilings in the center of the house, with sloped ceilings or knee walls on the sides where the roof line descends, creating cozy, character-filled bedrooms.

2. The assessed value seems very low. What does this indicate?
A low assessed value, especially one that ranks highly compared to neighbours, often reflects the home's original condition and unrenovated state. It can mean lower property taxes initially, but it also highlights that the market price will be heavily influenced by the land value and the cost of desired improvements.

3. Is the unrenovated basement a major concern?
It depends on your plans. It presents both a caution and an opportunity. It will require a professional inspection to check its condition, moisture levels, and foundation. For a buyer planning renovations, it offers a chance to design and finish the space to modern standards without undoing previous work.

4. The home is over 120 years old. What should I be prepared for?
Expect character details but also the need for diligent maintenance. Key priorities for inspection will be the foundation, roof, electrical, and plumbing systems. While this requires vigilance, the construction materials and craftsmanship of the era are often very durable.

5. How does the lot size compare to newer homes?
The lot is a standout feature. At over 3,000 sqft, it is substantially larger than many lots in modern subdivisions. This provides rare space in the city for privacy, outdoor living, gardening, or potential future additions like a garage, subject to zoning bylaws.