Property Overview: 1078 Redwood Avenue
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1942, presents a solid opportunity in Winnipeg's Burrows Central neighbourhood. Its primary appeal lies in a combination of generous land and a recently renovated basement. With a lot size of 4,881 sq ft, the property offers significantly more outdoor space than most in the immediate area, ranking in the top 8% on its street. This expansive lot provides ample room for gardening, recreation, or future expansion.
The home itself features a practical 1,023 sq ft of living space, which is typical for the locale, and includes a detached garage. A key updated feature is the renovated basement, adding modernized living or utility space. The home last sold in August 2021 for $250,000, a price that was above average for both the street and neighbourhood at the time, indicating a history of perceived value.
This property would suit a first-time homebuyer or practical investor looking for a home with a strong land-to-building ratio in a mature community. It’s ideal for someone who values private outdoor space over a large interior footprint and is comfortable with the maintenance and character of a home from the 1940s. The renovated basement adds immediate move-in appeal, reducing the need for initial upgrades.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A prospective buyer should inquire about the finish quality, permitted work, moisture control, and whether it includes a separate entrance or additional bedrooms.
2. How does the assessed value compare to the likely asking price?
The municipal assessed value is $23,400, which is very low. It's crucial to understand that this figure is for tax purposes and is not a market valuation. The 2021 sale price of $250,000 is a far more relevant indicator of its market value.
3. Is the large lot a potential advantage?
Yes, especially for the area. The lot is larger than approximately 92% of those on Redwood Avenue. This not only provides more private space but can also represent long-term value, as land is a finite resource. It could be a deciding factor for buyers comparing similar-sized homes.
4. What should I consider about the home's age?
Built in 1942, the home's core systems (like plumbing, electrical, and the roof) may be older or have been updated at various times. A thorough home inspection is essential to understand the condition and remaining lifespan of these major components, beyond the renovated basement.
5. How does the neighbourhood value look?
The data shows that in 2021, this home sold in the top 13% of prices for Burrows Central. This suggests it was considered a premium property within the neighbourhood at that time, which can be a positive indicator of its standing and the street's desirability.