Property Overview
This one-storey home at 671 Centennial Street in Winnipeg’s J.B. Mitchell neighbourhood presents a practical and well-positioned opportunity. Its key appeal lies in a balance of above-average assessment value within its immediate area and a recently renovated basement, set on a standard-sized lot. The home is smaller than the city average at 1,048 sqft, but its assessed value of $420k ranks notably high for the street (top 28%), suggesting perceived quality or desirability that outpaces nearby peers. Built in 1958, it is a newer home compared to many in the specific neighbourhood, which may imply updated core components. The detached garage adds flexibility.
It would suit first-time buyers or downsizers looking for a manageable, single-level layout in an established area, and value-focused buyers who appreciate a home with a modernized basement already in place. A thoughtful perspective is that while the lot size is below average for J.B. Mitchell, the high assessed value for the street could indicate that the property’s improvements or location on the block are particularly strong compensations.
Frequently Asked Questions
1. How does the property’s value compare to its recent sale price?
The home sold in July 2022 for a price range estimated between $48.50k and $51.50k. Its current assessed value is significantly higher at $420k. This large discrepancy should be clarified, as it may reflect a data error in the posted sale price, a major reassessment, or substantial improvements made after the 2022 sale.
2. What does "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. Buyers should inquire about the finish quality, permits, ceiling height, moisture control, and whether it includes a legal secondary suite or additional bedrooms.
3. Is the living space sufficient for a growing family?
With 1,048 sqft of living area, the home is moderately sized. Its one-storey design means all living space is on a single floor, which is efficient but may feel compact for a larger family, making the renovated basement’s functionality key for additional space.
4. How does the lot size impact future plans?
The land area of 4,586 sqft is below the average for the J.B. Mitchell neighbourhood. This could affect plans for large additions, extensive landscaping, or adding a detached structure like a workshop, so checking local zoning bylaws for setbacks and coverage limits is important.
5. Why is the assessed value so high for this street?
Ranking in the top 28% for assessed value on Centennial Street suggests municipal assessment views this property favorably compared to its direct neighbours. This could be due to the basement renovation, overall condition, lot attributes, or a combination of factors. It does not automatically dictate market price, but it often correlates with stronger resale value.