Property Overview: 550 Oak Street, Central River Heights, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1949, sits on a standard 5,063 sqft lot in the established Central River Heights neighborhood. Its primary appeal lies in its above-average living space (1,685 sqft) for both the neighborhood and city, offering more room than many comparable homes. A key modern update is the renovated basement, adding functional living area. The property includes a detached garage.
The home suits practical buyers looking for character and space in a mature area without the premium of a newer build. It’s a solid, grounded option for a first-time homeowner seeking a move-in-ready basement, a small family needing the extra square footage, or an investor attracted by a recent sale price that performed well relative to the city-wide average. A thoughtful perspective is that while the home is average for its specific street in many metrics, it represents a stronger value within the broader, sought-after Central River Heights area, where its living space ranks notably higher.
Section 2: Frequently Asked Questions
1. How does the lot size compare?
At just over 5,000 sqft, the lot is around the average for Oak Street and the Central River Heights area, providing a typical urban yard for the neighborhood.
2. Is the living space suitable for a family?
Yes. With 1,685 sqft of living area, this home is larger than approximately 83% of homes in Central River Heights, offering more interior space than many similar properties in the area.
3. What does the "renovated basement" entail?
The listing confirms the basement has been renovated, but the specific scope, finishes, and whether it includes a legal suite or additional bedrooms should be verified with the seller or listing agent.
4. How does the recent sale price fit the market?
The home sold for $330,000 in July 2024. This price was significantly above the average for Oak Street and the neighborhood, but around the average for the city of Winnipeg as a whole, suggesting it was priced for the broader market.
5. What is the significance of the assessed value?
The municipal assessed value is $45,100, which is used for calculating property taxes. It is typically lower than market value, as seen here where the sale price was substantially higher. This indicates taxes may be based on a lower valuation.