497 Greenwood Place – Property Overview
Key Characteristics & Suitability
This is a 1913-built home with 1,932 sq ft of living space on a 4,082 sq ft lot in the Wolseley neighbourhood of Winnipeg. The property ranks in the top 13% city-wide for living area, and in the top 10% for assessed value. Its assessed value of $577,000 places it in the top 1% on its street and top 6% in the neighbourhood—well above area averages. However, the lot is smaller than the street and city averages, and the build date is older than most homes on the street. The appeal lies in the generous interior space and strong valuation relative to surrounding properties, which signals both quality and resale stability. This would suit buyers who prioritize room size and established neighbourhood character over a large yard or a newer build. It’s less ideal for those wanting a modern open-plan layout or significant outdoor space without renovation. The property fits someone looking for a substantial older home in a desirable central neighbourhood, likely with interest in period details and the walkability Wolseley offers.
Five Possible FAQs
1. How does the property’s age affect its condition or maintenance?
Built in 1913, the home is older than the average on Greenwood Place (1950) but newer than the average in Wolseley (1916). Age alone doesn’t determine condition, but buyers should expect maintenance typical of early-20th-century construction—potential for updated wiring, plumbing, insulation, and foundation work. A pre-purchase inspection is strongly recommended.
2. Is the assessed value of $577,000 a reliable indicator of market price?
Assessed value is used for property tax calculation, not market value. This home’s assessment is high relative to neighbourhood and city averages, which may reflect desirable features or recent improvements. However, market price depends on current demand, condition, and comparable sales. Consult a local real estate agent for a realistic listing estimate.
3. Why is the lot smaller than average, and does that matter?
The lot (4,082 sq ft) is below the street and city averages, but above the Wolseley neighbourhood average. In an established area like this, smaller lots are common and often reflect older subdivisions with denser housing. The trade-off is less yard maintenance for closer proximity to amenities. It’s a standard compromise for central neighbourhoods.
4. How does this property compare to others in Wolseley?
It outperforms in living space (top 26% in the neighbourhood) and assessed value (top 6%). Its lot is slightly larger than average for Wolseley, but its age is slightly older. Overall, it’s a strong contender in the area for size and value, though not the newest or most land-rich option.
5. What does the progress bar ranking mean exactly?
The progress bar shows how the property ranks within its street, neighbourhood, and city for key metrics (size, value, age, lot). A longer bar means it ranks higher than more comparable homes. For example, the living area bar at 13% city-wide means it’s larger than 87% of homes city-wide. The colour coding (red, blue, amber, grey) indicates performance tiers relative to the average.