Property Overview: 614 Silverstone Avenue, Fort Richmond, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1954, situated on a generous 6,469 sqft lot in Fort Richmond. Its key characteristics are defined by contrast: the living space is modest at 836 sqft, ranking below average for the area, while the lot size is notably larger than the Winnipeg citywide average. The home has a basement but it is not renovated, and there is no garage or pool. The assessed value is significantly below that of its immediate neighbours.
The primary appeal lies in its potential as a land-value proposition or a straightforward entry point into the market. It suits a specific type of buyer: those seeking a lower-cost footprint in a established neighbourhood, willing to undertake renovations or an eventual rebuild. It could also appeal to an investor looking for a rental property with future redevelopment upside, given the lot size. A less obvious perspective is that this property offers a rare chance to secure a larger-than-average lot in the city without paying the typical premium that comes with a larger house, making it a strategic purchase for long-term planning.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value reflects the property's current state, including the smaller, older home that has not been renovated. It is primarily based on the land value and the existing structure's condition compared to updated or larger homes on the street.
2. What is the potential for expanding or rebuilding on this lot?
With a lot size above the city average, there is clear potential for future expansion or redevelopment. Any plans would require checking with the City of Winnipeg for zoning bylaws, setback requirements, and permitting.
3. What should I budget for immediate repairs or updates?
Given the age of the home and the note that the basement is not renovated, buyers should budget for essential systems updates (like plumbing, electrical, or roofing) and anticipate cosmetic renovations. A thorough home inspection is strongly recommended.
4. How does the lack of a garage affect parking and storage?
The property has no garage, so vehicle parking is limited to the driveway or street. This also means all storage must be accommodated within the home or a potential shed, which is a key consideration for planning.
5. Can I get the exact historical sale price instead of the range shown?
Yes. The exact sold price from previous transactions is available by request via email. The provided ranges are based on public data, but the precise figure is shared manually upon contact, with no obligation for marketing spam.