Property Overview & Key Characteristics
This two-storey home at 257 Risbey Crescent, built in 1973, presents a practical and affordable entry point into Winnipeg’s Buchanan neighbourhood. Its key appeal lies in its balance of a renovated basement and a manageable 1,120 sqft living area, all on a modestly-sized lot. The data reveals a nuanced picture: while the home’s living space is average for its immediate area, its assessed value and land size are notably below average for the street and wider community. This suggests the property’s value is driven more by the house itself than its land, making it a cost-effective option. It last sold in September 2022 for $290,000.
The home would suit first-time buyers or downsizers seeking a low-maintenance property with updated fundamentals (the basement) in an established area. It’s less suited for those prioritizing large outdoor space or future expansion, given the lot size. A thoughtful perspective is that this property offers the chance to live on a mature crescent where most neighbours have significantly larger plots, potentially providing a pleasant streetscape without the associated upkeep.
Frequently Asked Questions
1. Is the lot size a concern?
The land area of 3,194 sqft is smaller than most on the street and in Buchanan. This means lower maintenance but less private outdoor space. It’s a trade-off that contributes to the home’s affordability in the area.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. This is a key detail to clarify with the seller or agent, as it could range from cosmetic updates to full legal suite potential.
3. Why is the assessed value so much lower than the last sale price?
The 2022 sale price of $290,000 is significantly higher than the current assessed value shown (~$24,600). This is typical, as municipal assessed value for taxation purposes often lags behind market value and is calculated differently. The sale price is the better indicator of current market worth.
4. How does the age of the home compare to others?
Built in 1973, this home is actually newer than the average for both the street and the city, placing it in the top 30% for its area. This is a positive note, suggesting potentially fewer immediate major updates compared to older stock.
5. Is there parking or a garage?
The listing specifies there is no garage. Prospective buyers should investigate driveway space or on-street parking availability to understand their vehicle storage options.