Property Overview
This 1914 two-storey home on Mcmillan Avenue in Crescentwood presents a specific and compelling opportunity. Its key appeal lies in its location within a desirable, established neighbourhood, paired with a land parcel that offers future potential. The house itself, with 1,203 sqft of living space and an unrenovated basement, is functionally sized but reflects its age. The detached garage adds practical value.
This property would primarily suit a specific type of buyer: those who value land and location over immediate move-in condition. It's a strong candidate for an investor, a builder, or a homeowner with a vision for a renovation or rebuild. The assessed value is notably modest for the area, suggesting the value is heavily weighted toward the lot. A buyer looking for a pristine, turn-key home in Crescentwood would likely find this under-sized and in need of work, while a strategic buyer might see it as a rare entry point into the neighbourhood.
Frequently Asked Questions
1. Is this a teardown property?
While the home is livable, the data suggests it's valued for its land. The living area is below average for both the street and Crescentwood, and the year built indicates significant potential for major updates. Many buyers in this price range for the area are likely considering substantial renovations or a complete rebuild to maximize the lot's value.
2. Why is the sale price from 2019 so much lower than the current assessed value?
The 2019 sale price of $27.7k is an outlier and does not reflect a typical market transaction. It may have been a non-arms-length transfer between family members or part of an estate settlement. The current assessed value (~$39.1k) is a more relevant baseline, though market value will be determined by current buyer demand.
3. What are the real advantages of the lot size?
At 3,032 sqft, the lot is below average for Crescentwood but offers a crucial advantage: it's a manageable size. For a builder or renovator, this represents a efficient project scale in a high-demand neighbourhood, potentially with lower holding costs and a faster turnaround than a larger, more complex estate lot.
4. How does the "below average" ranking for land area affect me?
It's important to contextualize this. While the lot is smaller than the Crescentwood average, it is still a standard city lot in one of Winnipeg's most sought-after neighbourhoods. You are purchasing location and potential here, not sprawling acreage. The ranking simply confirms the property is not an oversized estate lot.
5. What should I budget beyond the purchase price?
Given the age of the home and the mention of an unrenovated basement, a thorough inspection is critical. Budget for immediate systems updates (roof, wiring, plumbing, insulation) and consider the cost of either a significant renovation to modernize the existing footprint or the feasibility costs for a new build, including architectural services and permits.