Property Overview: 697 Cordova Street, Central River Heights
Key Characteristics & Appeal
This two-storey home, built in 1953, presents a solid opportunity in the sought-after Central River Heights neighborhood. Its key features include a renovated basement and a detached garage. The property’s primary appeal lies in its location and lot. While the 1,144 sqft living area is modest, the 4,710 sqft land parcel offers valuable outdoor space in a mature, established area. The home last sold for $500,000 in September 2023, a price point that was above average for Winnipeg overall, indicating strong demand for the neighborhood.
The data reveals some thoughtful nuances. The house is notably newer than many on its street (ranking in the top 9% by year built), suggesting potentially fewer immediate concerns than with older area homes. However, its living space is more compact compared to immediate neighbors, positioning it well for buyers who prioritize yard size over interior square footage. It would suit first-time buyers or downsizers seeking a lower-maintenance property in a prime location, or investors attracted by the stable, high-demand River Heights market. The renovated basement adds functional living space, appealing to those needing a home office or flexible family area.
Frequently Asked Questions
1. How does the lot size compare to others in the area?
The land area of 4,710 sqft is below the average for Cordova Street itself but is still a generous, usable lot for the Central River Heights neighborhood, offering more space than many city-wide properties.
2. Is the assessed value a good indicator of the market price?
No, the municipal assessed value ($47,40k) is for taxation purposes and is significantly lower than the market value, as demonstrated by the recent $500,000 sale price. Market value is driven by location, condition, and buyer demand.
3. What does the "above average" sale price ranking mean?
The sale price ranked above average for both Winnipeg and the Central River Heights neighborhood, confirming the premium buyers place on this location. It performed very well against city-wide and local benchmarks.
4. The living area seems smaller. Is the layout efficient?
At 1,144 sqft, the living area is indeed more compact than some neighboring homes. The presence of a renovated basement is crucial, as it effectively expands the usable living space, making the overall footprint more functional.
5. What are the implications of the home being "newer" for the street?
Built in 1953, this home is newer than most on its block. This can be an advantage, potentially meaning updates to core systems (like wiring or plumbing) may have already been addressed in the past, compared to much older area homes.