625 Silverstone Avenue

Property Overview: 625 Silverstone Avenue, Fort Richmond, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1952, situated on a notably generous lot in the Fort Richmond neighborhood. Its key characteristic is the significant contrast between its modest 672 sqft living space—which ranks well below average for the area—and its above-average 6,472 sqft land parcel. The home has a detached garage and an unrenovated basement. With an assessed value of $310k, it sits below the average for its immediate street but closer to the city-wide norm.

The primary appeal lies in its land value and potential. The large lot offers rare space for expansion, gardening, or outdoor living in a mature neighborhood. This property suits a specific type of buyer: those looking for an entry point into the market who are willing to live modestly while planning a future renovation or addition, or an investor/builder who sees value in the land itself. It’s a practical choice for a buyer whose priority is securing space and location over immediate move-in condition, viewing the existing home as a foundational asset rather than a finished product.

Section 2: Frequently Asked Questions

1. Why is the living space so much smaller than nearby homes?
As a 1952-built, one-storey home, its original floor plan reflects post-war housing styles. Many neighboring properties have likely been expanded or are newer, explaining the significant difference in living area rankings.

2. What does the sold price history indicate?
Public data shows it last sold between $205k-$235k in early 2018. The increase to the current $310k assessment reflects broader market trends and the inherent value of the land, rather than significant improvements to the home itself.

3. Is the large lot a practical advantage for the average buyer?
It can be, but it depends on goals. It offers excellent long-term potential, but it also means a higher portion of your property taxes and maintenance effort is dedicated to land, not living space, in the short term.

4. Who would this property not suit?
It’s likely not a fit for buyers seeking a turn-key, modern home or those who need substantial indoor space immediately. The unrenovated basement and compact main floor require a willingness to invest time and resources.

5. How meaningful is the "below average" assessed value for the street?
It’s a direct reflection of the home’s size and condition relative to its neighbors. It suggests an opportunity to add value through strategic updates, but also that the current utility of the structure is limited compared to others on Silverstone Avenue.