Property Summary: 518 Bower Boulevard, Tuxedo
Section 1: Key Characteristics & Appeal
This one-storey home in the established Tuxedo neighbourhood sits on a large, approximately 9,744 sqft lot, which is a standout feature ranking in the top quarter of the area. With over 2,200 sqft of living space, the interior is notably spacious compared to most Winnipeg homes. A key update is the renovated basement, adding functional living area. The home’s assessed value is significantly higher than its 2021 sale price, suggesting potential for equity or reflecting market changes and improvements.
Its primary appeal lies in the combination of a generous, private lot in a desirable neighbourhood and the move-in readiness provided by the basement renovation. It suits buyers looking for single-level living or those who value ample outdoor space over a newer build. A thoughtful perspective is that while the house itself is from 1970, the lot size offers a rare opportunity in Tuxedo that is often only found in much older, higher-priced properties, providing a balance of value and location.
Section 2: Frequently Asked Questions
1. How does the assessed value compare to the likely asking price?
The assessed value of $86,200k is a municipal valuation for tax purposes and is typically lower than market value. Notably, it has risen substantially from the 2021 sale price of $67,500k, which is a point for discussion with your agent regarding current market conditions.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. It’s essential to inquire about the quality of finishes, permits, and whether it includes added bedrooms, a legal suite, or simply finished living space.
3. Is the large lot a benefit for future expansion?
The lot is a significant asset. Beyond gardening and privacy, it may allow for future additions like an extension, garage, or pool, subject to local zoning bylaws. This flexibility is a long-term advantage.
4. How does this home rank for size and age in the area?
The living area is spacious, ranking in the top 16% on its street. The build year (1970) is newer than many in central Tuxedo but is older than the neighbourhood average. It represents a mid-century home on a lot size more common to earlier 20th-century builds.
5. What is the context of the "Sold" price from 2021?
The home sold for $67,500k in August 2021. The jump in assessed value since then highlights the importance of a current market evaluation, as prices and conditions have evolved in the intervening years.