Property Summary: 550 Tremblay Street, Archwood, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1920, presents a classic Winnipeg character property on a notably spacious 3,302 sqft lot. Its key appeal lies in its balance of established neighbourhood charm and clear potential. The home itself offers 845 sqft of living space with a detached garage and an unrenovated basement, positioning it as a solid foundation for personalization. The lot size is a significant asset, ranking within the top 35% of the Archwood neighbourhood, offering ample outdoor space uncommon for the area.
The property would best suit a hands-on buyer, an investor, or a first-time purchaser looking for an entry point into a stable neighbourhood with room to grow. Its value is grounded in the land and the structure's good bones, rather than in modern finishes. A thoughtful perspective is its relative newness compared to other homes on the street—built in 1920, it ranks in the top 3% for year built on Tremblay Street, meaning it is actually one of the newer homes in the immediate block, which can be an advantage for systems and structure. The recent 2019 sale price was significantly below the current assessed value, suggesting a market re-evaluation, making it a point of interest for value-conscious buyers.
Section 2: Frequently Asked Questions
1. What does the ranking data (Top X%) actually mean?
It compares this specific metric (like lot size or year built) against all other properties on the same street, in the neighbourhood, and across Winnipeg. For example, ranking in the top 17% in Winnipeg for lot size means the property lot is larger than 83% of all lots in the city.
2. The basement is noted as "not renovated." What should I expect?
This indicates the basement is in original or functional condition, likely lacking modern finishes. It presents potential for additional living space, storage, or utility, but any development would require investment and proper permits.
3. How does the 2019 sale price compare to now?
The home sold for $21,800 in October 2019. Its current assessed value is $25,400. This increase may reflect broader market trends, changes to the property, or a municipal assessment adjustment, and is a key point for discussion regarding current market value.
4. Is the lot size typical for Archwood?
No, it's above average. With a lot area of 3,302 sqft, it ranks in the top 35% within the Archwood neighbourhood, making the outdoor space a standout feature compared to many nearby properties.
5. Who might the "For reference" property at 555 Cusson Street be useful for?
That property, with a similar assessed value but built later (1925) and with more living area (1,056 sqft), provides a neighbourhood benchmark. It helps illustrate the trade-offs in this market segment, such as between lot size, living space, and property age.