Property Overview
This 1952-built, one-storey home at 195 Dromore Avenue in Winnipeg's Crescentwood neighbourhood presents a distinct opportunity defined by its land and location. The appeal lies less in the current structure—a 1,438 sqft house with an unrenovated basement and no garage—and more in the substantial 10,619 sqft lot, which ranks among the top 5% city-wide for size. The property sits on a street of notably larger, older, and often more valuable homes, creating a unique value proposition.
Key Characteristics & Ideal Buyer
The core characteristic is the significant land size in a prestigious, established neighbourhood. The house itself is modest and dated compared to its neighbours, as reflected in its below-average living area and assessed value for the immediate street. This creates a clear "value-in-the-land" scenario. Its appeal is strongest for a specific buyer: someone looking to secure a footprint in Crescentwood, potentially with a long-term vision to renovate, expand significantly, or eventually rebuild. It could also suit an investor or developer who recognizes the underlying land value, or a buyer seeking a lower price point to enter the area, willing to live with the home's current condition. The unrenovated basement and lack of garage underscore that this is a property requiring vision and likely further investment.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
The sale price of $480k (April 2023) significantly exceeds the $53.20k assessed value because the assessment is primarily for municipal tax purposes and often lags behind market dynamics. In this case, the market price reflects the high value buyers place on the large lot in a desirable location, not just the existing structure.
2. Is the house too small compared to others on the street?
Yes, the living area is the smallest on Dromore Avenue. This is the key trade-off: you are purchasing a premium lot with a home that is not comparable in scale to its neighbours. This is a central factor in the pricing and opportunity.
3. What does "Top 100%" or "rank 35 of 35" mean for Living Area on the street?
This means the home has the smallest living area among the 35 comparable properties listed on Dromore Avenue. It's a statistical confirmation that the house is an outlier on its own street in terms of size.
4. How does the lot size compare to the rest of Winnipeg?
Exceptionally well. The lot is approximately 10,619 sqft, which places it in the elite top 5% of all residential properties city-wide for land area. This is the property's most standout feature.
5. What are the main considerations for future renovations or expansion?
The large lot provides ample space for additions or landscaping. However, any major renovations or a rebuild would need to consider the character of the neighbourhood and comply with local zoning bylaws, heritage guidelines (if applicable in Crescentwood), and the significant investment required. The unrenovated basement suggests foundational systems may need updating.