Property Overview: 370 Kensington Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on a standard city lot presents a distinct value proposition. Its primary appeal lies in its financial efficiency. With a notably low assessed value that ranks well above average for both the street and the broader Kensington area, it offers an accessible entry point into homeownership. The renovated basement adds functional living space, a significant plus given the home's compact 710 sqft main floor footprint. The detached garage provides practical storage or workshop space.
The property suits pragmatic buyers prioritizing land value and location over square footage. It’s a logical fit for a first-time buyer, an investor seeking a rental property with a strong assessment-to-price ratio, or someone looking to downsize with minimal upkeep. A less obvious perspective is its potential as a "land play"—the lot size is generous for the area, and the modest structure could appeal to those considering future expansion or redevelopment, making it a strategic long-term holding in a stable neighborhood.
Section 2: Frequently Asked Questions
1. Is the house too small?
At 710 sqft, the living area is below average for the city and the immediate area. However, the renovated basement effectively doubles the usable space, making it more practical for daily living than the main floor square footage alone suggests.
2. Why is the assessed value so much lower than the city average?
The assessed value is based on the property's specific characteristics—its smaller size, age, and the local market. It ranks in the top 25% on its own street, indicating it is considered a higher-value property within its immediate peer group, which consists of similarly modest homes.
3. What does "above average" for the assessed value in Kensington mean?
It means that compared to other homes in the broader Kensington area, this property’s assessed value is higher than most—it ranks in the top 17%. This suggests the assessor sees relative value here, likely due to the lot size, renovations, or specific location on the street.
4. How recent are the renovations?
The provided data specifies the basement is renovated but does not include a date. This would be a key detail to confirm with the listing agent or through a viewing.
5. What is the typical price trend for this street?
Based on limited sales data points from 2016 and 2017, prices on Kensington Street have shown variability. The sold price for this specific home increased between those two sales, but a broader market analysis would be needed to determine the current trend.