507 Queenston Street

Property Overview

This 1954 one-storey home on a large 5,493 sqft lot in Central River Heights presents a classic Winnipeg opportunity. Its key appeal lies in the land itself—the lot size is notably above average for its specific street and offers a blank canvas in a sought-after, established neighbourhood. The house, with 1,368 sqft of living space and an unrenovated basement, is functionally sound but represents potential rather than immediate modern luxury. It suits two main types of buyers: those looking for a solid starter home with ample outdoor space and a manageable footprint, and investors or visionaries who see the long-term value in the location and the possibility of a significant renovation, expansion, or future redevelopment of the generous lot.

Frequently Asked Questions

1. Is the price justified given the home's age and condition?
The recent sale price reflects the premium for location and land size in Central River Heights. You are paying primarily for the lot and the neighbourhood, with the existing house offering functional living space. It’s a value proposition based on future potential as much as current amenities.

2. How does the lot size compare practically?
At over 5,400 sqft, the lot is significantly larger than many in the immediate area. This allows for a sizeable backyard, potential for additions like a garage suite (subject to zoning), or simply more private outdoor space—a rarity closer to the city core.

3. What does "above average" for the year built mean here?
Built in 1954, it’s newer than many homes on its street and in Central River Heights overall. This suggests potentially better foundational materials and construction techniques than pre-war homes, though major systems like plumbing and electrical would still need evaluation for modern standards.

4. Who might this property not suit?
It may not suit buyers seeking a turn-key, modernized home without project work. The unrenovated basement and the overall condition likely require updates. It’s also a one-storey layout, which may not fit families seeking multiple defined upstairs bedrooms.

5. How should I interpret the assessed value versus the sale price?
The assessed value is for municipal tax purposes and is typically lower than market value. The sale price is determined by what buyers are willing to pay for the combination of location, land, and house in the current market. The gap here underscores the market's premium for lots in this neighbourhood.