Property Overview: 583 Centennial Street, Winnipeg
Key Characteristics & Appeal
This one-storey home in the J.B. Mitchell neighbourhood presents a practical and straightforward opportunity. Built in 1956, its 964 sqft living area is modest and below average for the local area, suggesting a cozy, manageable layout. A key feature is the renovated basement, which adds valuable finished space. The property stands out for its larger-than-average lot (over 5,100 sqft) for the immediate street, offering generous outdoor space relative to nearby homes. With a detached garage and no pool, it aligns with low-maintenance, utilitarian living.
The primary appeal lies in its value proposition and potential. The assessed value is consistently around the average for its peer groups, indicating a stable, mid-market entry point. The renovated basement and sizable lot are significant assets, offering immediate usability and future flexibility—whether for gardening, expansion, or simply extra private space. This home would suit first-time buyers seeking an affordable footprint, downsizers looking for a manageable property without sacrificing yard size, or value-oriented investors attracted by the solid fundamentals and the upside of a finished basement and large lot.
Frequently Asked Questions
1. How does the home’s size compare to others in the area?
The living space is compact at 964 sqft, ranking below the average for similar homes on Centennial Street and in the J.B. Mitchell area. This indicates a more efficient floor plan, which can mean lower utility costs and less upkeep.
2. What is the significance of the lot size?
At 5,101 sqft, the lot is above average for Centennial Street. This is a less obvious advantage, providing more outdoor space than many neighbouring properties, which is valuable for privacy, recreation, or future landscaping projects.
3. Is the assessed value a good indicator of the market price?
The assessed value ($37,600) is around the middle of the range for comparable homes locally. It serves as a baseline for municipal taxation, but market conditions, the home’s interior condition, and the renovated basement will be the primary drivers of its sale price.
4. The home last sold in May 2023. What does that recent turnover suggest?
The relatively quick resale could indicate a number of things, such as an investor flipping the property after the basement renovation, or a change in the previous owner’s circumstances. It warrants asking about the nature and quality of the recent renovation work.
5. What are the practical implications of a "renovated basement" in a 1956 home?
While a clear positive, it’s important to clarify what "renovated" entails. Questions should focus on the quality of the finish, whether permits were obtained, and if any foundational or moisture issues were addressed during the renovation, which is crucial for a home of this age.