Property Summary: 525 Woodlands Crescent, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1925, situated on a standard-sized lot in the Kirkfield neighbourhood. Its key characteristic is its affordability, reflected in its below-average assessed value and recent sold prices. The living space (731 sq ft) is notably smaller than most area homes, positioning this property as a true entry-point opportunity or a minimalist living option.
The appeal lies in its financial accessibility and its lot. For the price, buyers secure a detached home with a detached garage on a good-sized, nearly 6,000 sq ft parcel. This presents a clear value proposition: the land and the building type offer more potential and privacy than a similarly priced condo. It would suit a first-time buyer comfortable with a project, an investor looking for a rental property with land value, or someone seeking a low-maintenance, downsized dwelling where the yard, not the house, is the primary living space. A less obvious perspective is that a home of this age and value, while needing updates, may allow new owners the financial freedom to renovate gradually according to their own tastes without over-capitalizing for the area.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
Not necessarily. While the home is smaller and older than area averages, it is a functional, detached house. Its value makes it a viable affordable housing option as-is. However, the lot size does offer redevelopment potential for the future, which may be factored into its price.
2. What should I budget for beyond the purchase price?
Given the age of the home (101 years), prospective buyers should prioritize a thorough inspection and budget for updates to major aging systems like plumbing, electrical, and the roof. The very low assessed value also suggests potential for significant property tax increases upon a sale.
3. How does the low assessed value impact me?
A municipal assessed value of $23,200 is significantly below the typical sold price range. This indicates the assessment is outdated. New owners should expect a sharp increase in assessed value following the purchase, resulting in higher annual property taxes.
4. What is the neighbourhood like?
Kirkfield is a mature, established neighbourhood. The property ranks below average on its own street for metrics like living area and year built, meaning you are looking at one of the more modest homes on the block. This can be an advantage for entry-point buying.
5. Why are the sold prices shown as a range?
The provided ranges are estimates based on public data. To obtain the exact historical sale prices for this property, you must request them directly from the listing service via the provided email button, as this information is not fully disclosed in public records.