Property Overview & Key Characteristics
This one-storey home at 78 Riley Crescent in Winnipeg's Crescent Park neighbourhood presents a straightforward, value-oriented opportunity. Its primary appeal lies in its renovated basement, which adds functional living space to the 1,152 sqft main floor, and its very large 5,063 sqft lot. While the house itself is of average size for the area and was built in 1954, the lot is notably larger than most on its street, offering significant outdoor space or future potential in a mature neighbourhood.
The property would suit first-time buyers, downsizers, or value-focused investors looking for a home with immediate livability (thanks to the basement renovation) and a standout lot size. It’s a practical choice for someone who prioritizes land over a large or modern house, and who sees the charm and stability in a well-established area like Crescent Park. A thoughtful perspective is that while the home's metrics are generally "average" in its immediate context, its above-average land parcel provides a tangible asset that is increasingly rare, offering privacy and options that newer subdivisions often cannot.
Frequently Asked Questions
1. How does the lot size compare to others?
The 5,063 sqft lot is a key feature. It is larger than the average lot on Riley Crescent itself, placing it in the top 15% for size on the street, though it is slightly below average for the broader Crescent Park neighbourhood.
2. What does "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A buyer should inquire about the finishes, permits, and whether it includes added bedrooms, a legal suite, or simply updated living space.
3. Is the assessed value a good indicator of the sale price?
Not directly. The last assessed value was $41.80k, but the home sold for $45.30k in October 2023. In Winnipeg, assessed value for tax purposes often differs significantly from market value, which is determined by recent sales, condition, and demand.
4. There's no garage. Is there parking?
The listing specifies no garage. Prospective buyers should verify if there is a driveway, carport, or only street parking available.
5. The home was built in 1954. What should I be aware of?
While the building age is typical for the area, essential systems like the roof, plumbing, electrical, and foundation should be carefully inspected. The renovated basement should also be checked for proper waterproofing and updates to these older systems.