Property Overview
This is a compact, one-storey home built in 1948 on a standard city lot in Winnipeg's Centennial neighbourhood. Its key characteristic is the significant discrepancy between its very modest living space (451 sq ft) and its full-sized lot (3,184 sq ft). The home itself is quite small, ranking at the very bottom for living area compared to neighbours and the wider city. It features an unrenovated basement and no garage. The assessed value is notably low, reflecting the home's condition and size.
The property’s primary appeal lies in its land and location, presenting a clear opportunity. It is best suited for a specific buyer: an investor, builder, or hands-on homeowner looking for a land-value play or a complete rebuild project. The low property taxes, due to the low assessment, could be a strategic advantage for someone planning a future development. It is not suited for someone seeking a move-in ready or spacious family home.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the existing structure, which is very small and unrenovated. The value is primarily in the land itself, not the current building.
2. Is this a tear-down property?
Given the home's small size, age, and the presence of a full-sized lot, many buyers would consider it a candidate for extensive renovation or complete redevelopment. This is a key factor to investigate with local zoning bylaws.
3. What are the advantages of such a low assessment?
A low assessed value translates to significantly lower annual property taxes. This can be a financial benefit for an owner holding the land for future plans.
4. How does the lot size compare to others?
The lot is fairly average for the Centennial neighbourhood but is larger than many city-wide lots. This provides good outdoor space or future development potential relative to the area.
5. What should I consider before viewing this property?
Prospective buyers should come prepared to evaluate foundation and structural integrity, understand zoning rules for potential lot splits or rebuilds, and budget for major updates or demolition. It’s a project-oriented purchase.