Property Overview
This 1947 one-and-a-half storey home at 158 Riverbend Crescent in Winnipeg's Bruce Park neighborhood presents a straightforward opportunity centered on its land and location. With 1,110 sqft of living space, an unrenovated basement, and no garage, the house itself is modest and would benefit from updates. Its key characteristic is the 5,365 sqft lot, which is notably larger than many in the immediate area. The home last sold in July 2023 for $260,000, a price point significantly below both neighborhood and city-wide averages, as reflected in its well-below-average assessed value.
The appeal here lies in the potential of the sizable lot in a mature neighborhood, offering space for gardening, expansion, or future redevelopment. It suits a practical, value-conscious buyer—perhaps a first-time homeowner willing to renovate over time, an investor looking for a land-value play, or someone seeking affordability in a central location without needing a modern, turn-key home. A less obvious perspective is that the below-average price and assessment could provide a relative cushion against market fluctuations, and the home's unrenovated state allows the next owner to create exactly what they need without paying a premium for someone else's choices.
Frequently Asked Questions
1. Is the low assessed value a concern?
Not necessarily. It primarily reflects the home's modest size, age, and condition compared to newer or renovated properties. It can indicate a lower property tax burden and highlights that the purchase price is largely for the land and location.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor under sloping roof lines, often creating cozy bedrooms with potentially limited headroom in some areas. It's a classic design for homes of this era.
3. The lot is large for the street, but what about the neighborhood comparison?
While the lot is larger than most on Riverbend Crescent, it is close to the average size for the broader Bruce Park area. This suggests you're getting a better-than-typical lot for that specific street.
4. What are the implications of an unrenovated basement?
It offers a blank canvas for finishing to suit your needs but requires a thorough inspection for moisture, foundation integrity, and necessary upgrades like insulation and flooring. Budgeting for this work is essential.
5. The home sold recently in 2023. Does that matter?
It indicates the current market found value at that price point relatively recently. It's worthwhile to investigate what, if any, changes have been made since that sale to understand the current condition and value proposition.