Property Overview
This 1913 two-and-a-half storey home in Crescentwood presents a classic Winnipeg character property with significant potential. Its key appeal lies in its established neighbourhood setting and the value proposition of its lot and structure. The home sits on a 4,038 sqft lot, which is a generous, above-average size for the immediate street. With 1,839 sqft of living space, the house itself is notably larger than the Winnipeg average, offering ample room within its historic footprint. It features a detached garage and a basement that is present but unrenovated. The most recent sale in 2024 was for land value, indicating the property is likely a prime candidate for a significant renovation or a complete rebuild.
This property would best suit a specific type of buyer: those looking for a project in a prime location. It’s ideal for a builder or a very hands-on homeowner with the vision and budget to modernize a historic home or redevelop the valuable lot. It is less suited to someone seeking a move-in-ready property.
Frequently Asked Questions
1. Why was the 2024 sale price so much lower than the 2021 price and the current assessed value?
A sale price significantly below both a previous sale and the assessed value typically indicates the property was sold for its land value alone. This suggests the condition of the existing house may make it unsuitable for occupancy without major investment, framing it as a redevelopment opportunity.
2. How does the lot size compare to others in the area?
The lot is a key feature. At over 4,000 sqft, it is larger than the average lot on Mcmillan Avenue and ranks in the top half for the street. In the wider, sought-after Crescentwood neighbourhood, it is still a substantial parcel, though there are larger estate-sized lots nearby.
3. What are the less obvious considerations with a 1913 home?
Beyond the obvious need for updates, consider the efficiency and capacity of original mechanical systems (like plumbing and electrical), the potential for heritage character elements worth preserving, and the cost implications of bringing an older structure up to modern insulation and building code standards.
4. Is the assessed value a reliable indicator of market value for this property?
In this case, likely not directly. The assessed value reflects a valuation of the land and the existing structure. Given the property's apparent state, the market value for a buyer intending to renovate or rebuild would be more closely tied to the land value plus the cost of the intended project, rather than the assessed figure.
5. What is the potential here versus a similar-priced newer home in the suburbs?
This property trades modern convenience for location and potential. The investment here is in a mature, established neighbourhood with tree-lined streets and a central location. The payoff is the ability to create a custom, modern home on a large lot in Crescentwood, versus purchasing a standard builder-grade home on a typically smaller lot further from the city core.