Property Overview: 562 Oak Street, Central River Heights, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Central River Heights is defined by its generous lot and strong neighbourhood standing. Built in 1951, the house features a renovated basement and a detached garage. The primary appeal lies in its substantial 7,234 sqft lot, which ranks in the top 15% on its street and the elite top 5% within the desirable Central River Heights area, offering significant outdoor space and potential in a prime location.
The living space (1,884 sqft) is comfortably above average for both the neighbourhood and the city, providing ample room. The home’s assessed value is notably high for the area (top 4%), reflecting its perceived worth relative to nearby properties. This property would best suit buyers who prioritize lot size and location over a newer build, such as growing families seeking space in a established community, or value-oriented buyers looking for a home with strong fundamentals and the opportunity to update the interior over time. Its appeal is less about modern luxury and more about securing a premium parcel of land in a sought-after area.
Section 2: Frequently Asked Questions
1. How does the lot size compare to others?
The lot is a key feature. At over 7,200 sqft, it is significantly larger than the average lot in Central River Heights (approx. 5,581 sqft) and on Oak Street itself (approx. 5,862 sqft), placing it in the top 5% of the neighbourhood.
2. Is the house newer or older compared to the area?
The 1951 build date is around the average for both Oak Street and Central River Heights, fitting the character of this established area. It is, however, slightly older than the city-wide average.
3. What does the "Elite" assessed value ranking mean?
It means the home’s official assessed value is in the top 4% of all homes in Central River Heights. This typically indicates the property is valued higher than most in the neighbourhood, often due to factors like its large lot, location, and improvements like the renovated basement.
4. How does the interior living space compare?
At 1,884 sqft, the living area is above average for both the city and, more notably, for Central River Heights, where it ranks in the top 10%. This suggests more interior space than many neighbouring homes.
5. Was the last sale price consistent with the area?
When it last sold in 2016 for $520,000, that price was above average for the wider Winnipeg area and the Central River Heights neighbourhood at that time, but around the average for sales on Oak Street itself.