Property Overview: 832 Lyon Street, Crescent Park, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1951, situated on a notably generous lot of over 8,600 square feet in Winnipeg's Crescent Park neighborhood. Its key appeal lies in the significant land size, which is well above average for the city, offering substantial outdoor space and future potential. The home itself is modest, with a living area (1,024 sq ft) that is below average for the immediate area, suggesting a cozy footprint or a property where the value is primarily in the land. It features a detached garage.
The property would suit a specific type of buyer: a hands-on individual or small household looking for an entry point into a established neighborhood with the space to garden, expand, or redevelop over time. Its below-average assessed value for the street and neighborhood indicates it may be a relative value play for the lot size. The appeal is less about the current home's size or modern finishes and more about the underlying asset—the large, mature lot in a central location. It's a property that asks the buyer to see potential, making it ideal for those comfortable with a project or who prioritize outdoor space over interior square footage.
Frequently Asked Questions
1. Is the home's below-average living area a concern?
While the interior is smaller than many neighboring homes, this is reflected in the pricing and assessment. For buyers seeking a manageable space or those with plans to renovate or expand, the smaller footprint can be an efficient starting point.
2. What does the large lot size actually offer?
Beyond gardening and recreation, a lot of this size (top 9% citywide) provides rare flexibility in a city neighborhood. It could accommodate additions, a workshop, or significant landscaping, and may hold long-term redevelopment potential subject to zoning.
3. How does the 2020 sale price relate to the current assessed value?
The property sold for $25.5k in July 2020 and is now assessed at $31.4k. This increase aligns with broader market trends, but the assessed value remains below the neighborhood average, suggesting the assessment is weighted toward the existing home rather than the premium lot.
4. Is the older age of the home (1951) a problem?
The year built is actually above average for Lyon Street itself. While systems and structure should be inspected, its age is consistent with the character of the area. Its older vintage compared to the city average can mean simpler construction and layout, which some find appealing for renovations.
5. Who are the most likely neighbors or comparable properties?
The direct neighbors on Lyon Street are very close, typical of older neighborhoods. The provided "similar assessed value" properties are spread across different areas, indicating that at this value point, you are often choosing between a smaller home in a central location like this or a potentially different property type in another neighborhood.