Property Overview
1068 Redwood Avenue is a one-and-a-half storey home in Winnipeg's Burrows Central neighbourhood, built in 1913. It sits on a 3,257 sqft lot with a detached garage and an unrenovated basement. The home offers 950 sqft of living space and has a notably low municipal assessed value.
Key Characteristics & Appeal
This property’s primary appeal lies in its land value and potential, rather than in its current structure. The lot size is above average for the immediate street and neighbourhood, offering a good footprint for expansion, gardening, or future development. With a very low assessed value and recent sale prices, it presents an accessible entry point into the Winnipeg market. The home itself is a classic, unrenovated character property, meaning it would require modernization but offers a blank canvas for a buyer’s vision.
It would best suit a hands-on buyer looking for a land-owning opportunity. This includes first-time buyers or investors comfortable with a project, who are motivated by low upfront cost and the long-term potential of the lot. It’s less suited for someone seeking a move-in-ready home without renovation plans.
A less obvious perspective is that the home’s age and condition, while a project, provide a clear opportunity to increase value through strategic updates. Additionally, its assessed value being significantly below the citywide average suggests it is situated in a more affordable market segment, which can be an advantage for property tax calculations.
Frequently Asked Questions
1. What does "unrenovated basement" typically mean?
It indicates the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates to flooring, walls, and utilities, and should investigate for moisture issues common in older homes.
2. Why is the assessed value so much lower than other city properties?
Municipal assessments are based on market value and comparable sales in the area. This value reflects the home’s age, condition, and the local market in Burrows Central, not the citywide average which includes newer, renovated homes in higher-priced areas.
3. Is the lot size a major advantage?
Yes. The lot is larger than many in the immediate area, which is a key asset. This provides more outdoor space and greater flexibility for future additions, a garage upgrade, or landscaping.
4. What should I consider about a home built in 1913?
Expect older building materials and systems. A thorough inspection is crucial to understand the condition of the foundation, wiring, plumbing, and roof. While this requires due diligence, it also means the home has enduring character and construction.
5. How does the recent sale history inform the current price?
The home sold for $17.3k in 2021 and $13.4k in 2020. This history shows stable, low-value transactions, suggesting the price is primarily for the land and structure as-is, with minimal speculative inflation. It provides a transparent recent benchmark for buyers.