Property Overview: 538 Centennial Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home in the J.B. Mitchell neighbourhood presents a solid, grounded opportunity. Its key strength lies in its above-average assessed value relative to its immediate area, ranking in the top 12% on its street and top 8% in the neighbourhood. This suggests it is viewed as a higher-value property within its local context. The living space (1,258 sq ft) and lot size (5,420 sq ft) are both comfortably above the local averages, offering more room than many nearby homes. A renovated basement and a detached garage add practical value.
The appeal here is for a pragmatic buyer who values space and established neighbourhood character over new construction. It suits a first-time buyer or an investor looking for a property with strong fundamentals in a mature area, where the value is already evident compared to its peers. A thoughtful perspective is that while the home was built in 1950, its above-average rankings in key metrics show it has been maintained or improved in ways that outpace many of its contemporaries. It’s not the newest home, but it stands out as a leader within its cohort.
Section 2: Frequently Asked Questions
1. What does the "above-average assessed value" ranking actually mean?
It means the municipal property assessment for this home is higher than most comparable homes on its street and in the J.B. Mitchell area. This can indicate better finishes, more updates, or a more desirable configuration than its neighbours, which is often reflected in market value.
2. Is the older year (1950) a concern?
The year built ranks as average for the street but below average for the wider city. This is typical for mature neighbourhoods. The more relevant data is that its value and living area rank highly, suggesting the home's condition and utility have been kept current despite its age.
3. How does the lot size compare?
At 5,420 sq ft, the lot is larger than most on Centennial Street (top 24%). This is a notable advantage, providing more outdoor space than typical for the immediate area, which is often a premium in established communities.
4. What can the 2017 sale price range tell me?
The prior sale price (approx. $39.5k - $42.5k) provides a historical benchmark. Comparing it to the current assessed value of $48.60k shows the property's appreciated value assessment over an 8-year period, useful for understanding long-term trends.
5. Who would this property not suit?
It may not suit buyers seeking a modern, turn-key home in a newer suburb, or those who prioritize being significantly above city-wide averages in size and year built. This home’s advantages are most pronounced when compared directly to its local surroundings.