Property Overview: 55 Costello Drive, Winnipeg
Key Characteristics & Appeal
This two-storey home in Crestview is a practical and efficiently sized property, built in 1972. With 1,100 sqft of living space, it sits comfortably around the average size for its immediate street and neighbourhood, offering a manageable layout for everyday living. A key feature is its renovated basement, which adds valuable finished space. The home sits on a modest 3,048 sqft lot, which is smaller than most in the area but translates to lower yard maintenance.
Its primary appeal lies in its position as a solid, no-fuss home in a well-established neighbourhood. The data suggests it’s not an outlier in size or assessed value, indicating a property that aligns with local norms rather than standing out for luxury or square footage. It would suit first-time buyers or downsizers looking for a turnkey, low-maintenance property without the concerns of an older home’s major systems, given its renovated basement and average age for the city. The smaller lot is a trade-off: less private outdoor space, but more time and money for other pursuits.
Frequently Asked Questions
1. How does the property’s value compare to the area?
The home’s assessed value is around average for Costello Drive itself but falls below the average for the broader Crestview neighbourhood and the city. This can indicate a potentially more accessible entry point into the area.
2. What does the smaller land area mean for me?
The lot is notably smaller than most in Crestview. This means less yard work and lower exterior maintenance costs, but also limited space for additions, large gardens, or extensive outdoor recreation.
3. The home sold for $320k in 2023, but the assessed value is much lower. Why?
Assessed value for property tax purposes is not the same as market value. The sale price reflects what a buyer was willing to pay in the open market at that time, while the assessment is an administrative valuation for taxation, often based on older data and different models.
4. What is the significance of the home’s age ranking?
While built in 1972, it ranks as one of the newer homes on its specific street. This suggests the immediate block consists of older homes, so this property might have relatively newer components compared to its direct neighbours.
5. Are there any obvious red flags from this data?
The data itself doesn’t show red flags, but it highlights considerations. The modest lot size is a consistent theme. Buyers should verify the scope and quality of the basement renovation and ensure the lack of a garage aligns with their needs.