Property Overview: 137 Riley Crescent, Crescent Park, Winnipeg
This one-storey home, built in 1954, presents a classic opportunity in the Crescent Park neighbourhood. Its primary appeal lies in the combination of a generous, above-average lot and a home that offers a functional footprint with clear potential for personalization. The property last sold in July 2019 for $350,000.
Key Characteristics & Buyer Profile
The standout feature of this property is its land. At over 7,000 square feet, the lot size ranks in the top 22% on its own street and the top 17% citywide, offering substantial outdoor space that is increasingly rare. The home itself, with 1,206 sqft of living space, is functionally sized and typical for the area. It features a basement (not renovated) and does not include a garage or pool. The 1954 build date is actually older than most city homes, but is standard for the immediate Crescent Park area.
The appeal here is grounded in value and potential. The assessed value is above average for both the street and neighbourhood, suggesting a solid foundation. The appeal is not in move-in-ready finishes, but in the opportunity it represents: a large lot for gardening, expansion, or outdoor living, coupled with a home that awaits a buyer's vision. It would suit a practical buyer looking for space over luxury—perhaps a first-time homeowner comfortable with gradual updates, a family valuing a large yard, or an investor considering the long-term value of the land. The lack of a garage and an unrenovated basement indicate a purchase price focused on location and land rather than modern conveniences.
Frequently Asked Questions
1. What is the true draw of this property?
While the house is a standard post-war bungalow, the primary asset is the lot. The land size is significantly larger than most in Winnipeg, offering rare potential for additions, landscaping, or simply enjoying ample private space.
2. How does the 2019 sale price of $350k relate to its current value?
The 2019 price was notably high for the street and neighbourhood at the time (ranking in the top 94% and 89%, respectively). This suggests the property commanded a premium, likely for its lot size. Current value would depend on market conditions and any changes made since.
3. Who might this property not suit?
Buyers seeking a turn-key, modern home with a garage and finished basement should look elsewhere. It’s best for those with plans to renovate or who prioritize lot size over immediate move-in condition.
4. The assessed value seems low compared to the sale price. Why?
Municipal assessed value (shown as $43.40k) is for taxation purposes and is typically a fraction of a property’s market value. It should not be used as an indicator of sale price. The market value is determined by recent sales of comparable properties.
5. What does "above average" for year built mean if it's from 1954?
The rankings are relative. While 1954 is an older home, it is actually newer than many on Riley Crescent (ranking in the top 9% on the street). This indicates the street is characterized by very mature homes, and this one is among the more recent builds in that context.