Property Overview
This one-storey home on Redwood Avenue in Burrows Central is a straightforward property with clear practical strengths. Built in 1921, it sits on a standard city lot and features a detached garage and an unrenovated basement. Its recent sale price and assessed value are notably low, especially when compared to city-wide averages, positioning it as one of the most accessible entry points into the Winnipeg market.
Key Characteristics & Appeal
The primary appeal of this home is its affordability and lot value. With a sale price significantly below the city average, it represents a low-barrier opportunity for first-time buyers, investors, or those seeking a minimal mortgage footprint. The detached garage adds practical utility for storage or projects. Its lot size is typical for the central neighbourhood, offering standard outdoor space with room for gardening or expansion.
The home suits buyers comfortable with a property that requires updates. The living area is compact, and the basement presents a blank canvas for future finishing. It’s a pragmatic choice for a hands-on owner looking to build equity through gradual improvements, or for an investor seeking a stable rental property in an established area. A less obvious perspective is its potential as a "base camp" for someone whose priorities and capital are directed toward other investments or lifestyle choices, rather than in a high-value primary residence.
Frequently Asked Questions
1. Why is the sale price so much lower than the city-wide average?
This is common for older, compact homes in central neighbourhoods like Burrows Central. The price reflects the home's size, condition, and the local market, not necessarily its livability. It indicates an affordable entry point compared to newer or larger homes in suburban areas.
2. What does "basement, not renovated" typically mean?
It usually indicates a foundational, usable space that is unfinished or in original condition. It likely has concrete walls and floors, with basic mechanical systems (furnace, water heater). It offers storage and potential for future development but will require investment to become finished living space.
3. How does the 2024 sale price compare to its 2023 sale?
The property sold for $12.80k in July 2023 and then for $23.40k in September 2024. This suggests increased market interest or perhaps minor changes in the interim. It’s important to review any available listing notes from those sales for context on the price change.
4. Is the smaller living area a major drawback?
That depends on your needs. At 787 sqft, it's cozier than many modern homes but can be efficient for individuals, couples, or small families. The layout and how you use the space matter more than the square footage alone. The unrenovated basement also offers future expansion potential.
5. What should I consider about a home built in 1921?
While the structure has proven durable, key considerations include the age and condition of major systems like plumbing, electrical, and the roof. An inspection is crucial to understand what maintenance or updates may be needed soon, which should be factored into your budget and plans.