Property Overview: 357 Larche Crescent
Key Characteristics & Appeal
This bi-level home at 357 Larche Crescent presents a specific and compelling value proposition centered on land and location. Built in 1972, the 720 sqft living space is modest and below average for the area, but it sits on a notably large, 7,476 sqft lot that ranks in the top 3% of the Kildare-Redonda neighborhood. The home features a renovated basement and a detached garage. Its assessed value is relatively low compared to city-wide averages, but is consistent with nearby properties on the same street.
The primary appeal lies in its exceptional lot size, offering rare potential for expansion, gardening, or outdoor living in a mature neighborhood. It suits practical buyers looking for an affordable entry into the Winnipeg market who value space and potential over immediate square footage. This could be an ideal starter home, a project for someone willing to renovate or build an addition over time, or a long-term hold for an investor attracted by the underlying land value. It’s a property where the real estate adage "buy the worst house on the best street" could be adapted to "buy the smaller house on the larger lot."
Frequently Asked Questions
1. Is the living space too small?
At 720 sqft, the living area is below average for the neighborhood. However, the renovated basement adds functional space, and the large lot offers unique potential for future expansion, which is a key trade-off to consider.
2. What does the lot ranking actually mean?
The "Top 3%" ranking for land area in Kildare-Redonda means this property's lot is larger than 97% of comparable lots in the immediate neighborhood. It’s a standout feature that is uncommon and adds significant value.
3. Why is the assessed value much lower than the city-wide average?
The city-wide average includes all home types and sizes. This home’s assessed value (~$29.9k) is more aligned with its specific street and neighborhood, reflecting its smaller living area and older construction, though it is bolstered by the large lot.
4. What is the potential for future development on the lot?
While specific plans require verification with the city, a lot of this size in a mature area often presents opportunities for additions, a garage workshop, or extensive landscaping. It’s a blank canvas for outdoor living or improvement.
5. How stable is the value in this area?
The property has been on the same street for decades, and nearby homes have very similar assessed values. This suggests a stable, established area. The last known sale was in early 2018, indicating longer-term ownership is common here.