Property Overview: 331 Riel Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 331 Riel Avenue in the Minnetonka neighborhood presents a practical and affordable entry point into the Winnipeg market. Built in 1973, it is a typical home for its street and area in terms of age and assessed value. The key characteristic is its size: at 960 sqft, the living area is notably compact, ranking below the average for comparable homes on its street, in Minnetonka, and across the city. This is balanced by a decently sized lot of 5,596 sqft, which is close to the city-wide average and offers valuable outdoor space.
The primary appeal lies in its financial accessibility. With an assessed value firmly in the average range for its immediate vicinity ($37,600), it represents a lower barrier to entry. This is underscored by its last known sale in the $400k-$450k range in 2021. The property suits first-time homebuyers or investors seeking a manageable, no-frills property where value is derived more from land ownership and location than from a large or modern interior. It may also appeal to those looking to downsize without sacrificing yard space. A thoughtful perspective is that this home’s value is inherently tied to its land and the potential for future updates, rather than its current interior footprint, making it a candidate for a long-term hold or a gradual renovation project.
Section 2: Frequently Asked Questions
1. Is the living space too small?
At 960 sqft, the home is smaller than most comparable properties in the area. It would best suit individuals, couples, or small families comfortable with efficient living spaces. The below-average interior size is a key factor in its pricing.
2. How does the assessed value relate to the likely selling price?
The assessed value for tax purposes ($37,600) is not a market price. The last known sale was between $400,000 and $450,000 in 2021. Market conditions, property updates, and buyer demand will determine the current listing and sale price.
3. What is the significance of the lot size?
The 5,596 sqft lot is a positive feature, providing ample outdoor space that is close to the city-wide average. This adds value and potential for gardening, recreation, or future expansion, offsetting the smaller home size.
4. Are the home’s systems and structure due for updates?
Built in 1973, the home is over 50 years old. Buyers should budget for and prioritize inspections of major age-related components like the roof, windows, plumbing, and electrical systems to understand potential upcoming costs.
5. How can I get the exact historical sale price?
The precise sale prices are not publicly displayed. You can request the exact sold price history by emailing the listing service through the provided form. They provide this data manually and state they will not use your email for unsolicited marketing.