Property Overview: 1008 Radisson Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home is a classic, no-frills property that presents a clear value proposition centered on land and location over square footage. Built in 1926, it is one of the older homes on its street and in the Maybank neighbourhood, with a living area of 716 sqft that is modest compared to local averages. Its assessed value is notably low, positioning it as one of the most affordable options in the area. The standout feature is the 4,724 sqft lot, which is above average for the immediate street and provides significant outdoor space relative to the home's footprint.
The primary appeal lies in its potential as a strategic entry point into the Winnipeg market. It suits a practical buyer—perhaps a first-time homeowner, an investor, or someone looking to downsize—who is comfortable with a smaller, older home and sees value in the land itself. This property is less about move-in-ready perfection and more about opportunity: the chance to secure a lot in an established neighbourhood at a lower price point, with the option to renovate, expand, or simply hold. It’s a pragmatic choice for those who prioritize lot size and affordability over modern finishes and spacious interiors.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average for comparable homes?
The assessed value reflects the property's specific characteristics: its older age, smaller living area, and likely its condition and features relative to newer or renovated homes. It is assessed based on its current state, not potential, which contributes to its affordability.
2. What does the sold price history (CA$200k–250k in 2019) indicate about its value?
The past sale price range, when considered alongside the current low assessed value, suggests the market has historically placed a premium on the property, likely for its lot and location. This gap between past sale price and current assessment highlights the importance of a professional appraisal and market analysis to determine its present fair market value.
3. Given its age, what should I be most concerned about during an inspection?
With a home built nearly 100 years ago, a thorough inspection is crucial. Key focus areas should include the foundation, roof, electrical wiring, plumbing, and insulation. Understanding the condition and update history of these major systems will be essential for budgeting.
4. How does the lot size compare to nearby properties, and what are the possibilities?
At 4,724 sqft, the lot is larger than the average on Radisson Avenue. This provides valuable outdoor space and could offer future potential for additions, a garden, or landscaping projects, subject to local zoning and permit regulations.
5. Who would this property not be a good fit for?
It would likely not suit buyers seeking a modern, low-maintenance, or spacious turn-key home. Those with a large family, a need for multiple bedrooms, or a desire for recent updates without immediate renovation plans may find the property too compact and dated.