Property Summary: 62 Riverbend Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a distinct value proposition centered on its exceptional lot size. The nearly half-acre (20,350 sqft) property is its standout feature, ranking in the top 3% of lots locally and the top 1% citywide. This offers rare potential for expansion, gardening, or outdoor recreation in the city. The house itself is a modest 940 sqft bungalow built in 1949, with a living area below neighbourhood and city averages. Its assessed value of $390,000 is consistently around the average for its immediate area.
The primary appeal lies in the land. It suits a buyer with a vision for the future—someone willing to invest in updates or an addition to the existing home to fully capitalize on the generous yard. It’s also a fit for those seeking space and privacy without moving to a rural area, or an investor who recognizes the underlying land value. The price point, anchored by the smaller, older home, provides an entry into the neighbourhood with a unique asset not found in typical listings.
Section 2: Frequently Asked Questions
1. Is the house in move-in condition?
Given its age (1949) and below-average living area, buyers should budget for updates. The value here is significantly in the land, so the condition of the home should be verified through a thorough inspection.
2. What can I do with such a large lot?
The lot size offers flexibility rarely found in the city. Possibilities could include a significant home addition, building a detached garage or workshop, creating extensive landscaping or gardens, or simply enjoying substantial private outdoor space. Local zoning bylaws should be checked for any restrictions.
3. How does the sold price history work?
The listed sale in 2022 for an estimated $300k–$350k is based on public data. To obtain the exact sale price, you must request it via email from the site, as they manually provide this specific figure.
4. The assessed value seems low for a $390k property. Why?
Manitoba uses a different assessment system. The "39.0k" figure is the provincial assessment, not a market valuation. The $390,000 is the current asking or estimated market value, which is ten times that assessment—a common multiplier in the region.
5. Are the older home systems a concern?
A home built in 1949 will have aging core systems like plumbing, electrical, and the roof. While potentially functional, their remaining lifespan and any updates should be a key focus of an inspection and factored into renovation plans.