Property Summary: 525 Shelley Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1958 on a standard-sized lot in Winnipeg's Kirkfield neighborhood. Its key characteristic is its affordability, underscored by a living area of 780 sqft, which is notably compact compared to most area homes. The appeal lies squarely in its position as an entry-point property. With a very low assessed value, it represents one of the most accessible homeownership opportunities in the city. It suits first-time buyers or investors seeking a straightforward, low-cost asset. The lot size is average for the immediate street, offering potential for outdoor space or future expansion, which is a thoughtful counterpoint to the home's smaller footprint. This property is for those prioritizing financial entry into the market over move-in size, viewing the home itself as a foundation rather than a finished product.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the home's smaller size, age, and specific market position in its neighborhood. It is consistently ranked in the lower tier for value among comparable properties on its street, in Kirkfield, and across Winnipeg.
2. What are the main compromises due to the smaller living area?
With 780 sqft, the floor plan will be compact. There is no basement for additional storage or living space, and the home lacks a garage. Buyers should be prepared for efficient use of space and minimal room for accumulation.
3. Is the land large enough to consider an addition or rebuild?
The lot is approximately 5,744 sqft, which is average for Shelley Street. While not exceptionally large, this does provide a standard urban canvas, making future expansion or redevelopment a realistic long-term consideration, subject to local zoning.
4. How does the recent sale history inform the current price?
The home sold in June 2021 for an estimated range of $24.5k to $27.5k, which aligns closely with its current assessed value of $26.10k. This suggests a stable, low-value market for the property in recent years.
5. Who would this property not suit?
It would not suit buyers who need multiple bedrooms, dedicated workspace, significant storage, or who are not interested in a potential renovation or expansion project down the line. It is not a "forever home" for a growing family without substantial modification.