Property Overview: 231 Regent Avenue E, Kern Park, Winnipeg
Key Characteristics & Buyer Profile
This is a compact, one-storey home built in 1946, offering a unique proposition centered on its land. At 700 sqft, the living space is notably smaller than most homes in the neighbourhood, city, and even on its own street. This is balanced by a generous 4,650 sqft lot that ranks well above average for the immediate area. The home lacks a basement and features a detached garage. Its assessed value is significantly below local and citywide averages.
The primary appeal lies in its potential as a land-value opportunity. The large lot in a mature neighbourhood presents options for expansion, gardening, or future redevelopment, making the property more than just its current square footage. It suits a specific buyer: those seeking an affordable entry into homeownership who are comfortable with a cozy footprint, or investors and handy purchasers who see value in the land and are prepared to renovate or rebuild. It’s less suited for those requiring ample indoor space or a move-in-ready home without immediate projects.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the property's specific characteristics, primarily its very small living area and age. It is assessed based on its current state and utility, not the potential of its large lot.
2. What does "no basement" mean for storage and utilities?
All living space and mechanical systems (like the furnace and water heater) are on the main floor. Storage will be limited to the main floor and the detached garage, which is an important practical consideration.
3. The lot is large, but what are the rules for using it?
Any significant changes, like adding an extension, building a detached structure, or future redevelopment, would require checking with the City of Winnipeg’s zoning bylaws and obtaining the necessary permits.
4. How does the last sold price (2019) relate to its value today?
The 2019 sale price is a historical data point. Current market value will be influenced by factors like recent sales of similar properties in Kern Park, overall market conditions, and the home’s present state.
5. The home is smaller than most on the street. Will that affect resale?
It can narrow the pool of future buyers to those specifically seeking a smaller home or a land opportunity. However, this same characteristic also creates its affordability and niche appeal in the neighbourhood.