Property Overview: 874 Crescent Drive, Crescent Park, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Crescent Drive is defined by a rare and significant advantage: an exceptionally large 18,500 sqft lot, placing it in the top 4% of properties locally and city-wide. This extraordinary land size is the cornerstone of its appeal, offering immense potential for expansion, landscaping, or simply enjoying generous private outdoor space in a mature neighbourhood. Built in 1940, the home itself is older and features an unrenovated basement, presenting it as a prime candidate for modernization or a complete rebuild to capitalize on the prestigious lot. With a living area of 1,742 sqft, the house is notably more spacious inside than most comparable area homes. The attached garage adds practical convenience.
This property is best suited for a specific type of buyer: the visionary or investor who sees value in the land first and the structure second. It’s an ideal canvas for someone looking to build their dream home in a well-established area or a developer seeking a infill opportunity. It may also appeal to a buyer comfortable with a project, willing to update an older home while immediately benefiting from its large, private yard—a rarity that is increasingly difficult to find in city neighbourhoods.
Section 2: Frequently Asked Questions
1. Is the price reflective of the house or the land?
Given the home's age and unrenovated state, the sale price is predominantly driven by the value of the very large lot. The recent sale and assessed value reflect the premium for land with such high redevelopment potential in a mature area.
2. What does "unrenovated basement" typically imply for a home of this age?
For a house built in 1940, this likely means the basement retains its original state. Buyers should budget for potential updates to foundational systems like plumbing and electrical, and anticipate that finishes, moisture management, and ceiling height may not meet modern standards without investment.
3. How does the large lot affect ongoing costs?
While providing privacy and potential, a lot of this size (over 1/3 of an acre) typically results in higher property taxes and increased maintenance costs (e.g., landscaping, snow clearing) compared to standard city lots.
4. Are there any restrictions on redeveloping the property?
This is a critical question. Interested buyers must consult directly with the City of Winnipeg’s planning department to understand zoning bylaws, heritage designations (if any), setback requirements, and any other regulations that would govern tearing down or significantly expanding the existing structure.
5. The assessed value seems low compared to the sale price. Why?
Municipal assessed value for taxation purposes often lags behind current market values, especially in shifting markets. A significant discrepancy usually indicates that the market—in this case, buyers recognizing the land's development value—is willing to pay a premium well above the city's assessment benchmark.