Property Overview
This 1952 one-storey home at 692 Cordova Street in Winnipeg's Central River Heights neighbourhood presents a specific and compelling opportunity. Its primary appeal lies in the combination of a desirable, established location and a modest, unrenovated structure on a standard city lot. The home is notably smaller (832 sq ft) and has a lower assessed value than most in its immediate area, suggesting its value is heavily weighted toward the land itself. It features a detached garage and a basement that is present but not renovated.
This property would suit a specific type of buyer: those looking for an entry point into a sought-after neighbourhood who are prepared for a significant renovation or rebuild project. It’s also a potential candidate for investors or builders seeking a lot with an existing, removable structure. The appeal is less about the current house and more about the potential it unlocks in a prime location.
Key Considerations & FAQs
1. Is this a teardown candidate?
Given the home's smaller size, age, and the fact it's unrenovated, many buyers will consider it a prime candidate for a full renovation or complete rebuild. This allows for creating a modern, customized home in a fantastic neighbourhood.
2. How does the lot size compare?
At 4,716 sq ft, the lot is below average for Central River Heights but is a standard city size. It provides ample outdoor space for a garden, play area, or addition, but isn't an unusually large or subdividable parcel for the area.
3. What does the "below average" assessed value mean?
The low assessed value primarily reflects the modest and unupdated condition of the current structure, not the land's value. For a buyer, this can mean relatively lower property taxes while the existing home stands, but any significant improvement will trigger a reassessment.
4. What is the neighbourhood like?
Central River Heights is a mature, established, and highly walkable neighbourhood known for its character, tree-lined streets, and proximity to amenities, parks, and the river. This location offers a lifestyle appeal that the current house does not fully reflect.
5. Why was the previous sale price so much higher than the assessed value?
The home sold for $290,000 in 2019, which is substantially above its current assessed value. This highlights a key point: the market price in such neighbourhoods is driven by land value and location premium, often far exceeding the municipal assessment of the existing structure. It also indicates the property's value has held in the market.