Property Overview: 231 Knowles Avenue, Winnipeg
Key Characteristics & Appeal
This 884 sqft bungalow, built in 1955, presents a distinct value proposition in Winnipeg’s River East neighborhood. Its key appeal lies in its significant price advantage. With an assessed value of $312k, it sits well below the local street average ($433k) and neighborhood average ($401k), offering a more accessible entry point into the area. The lot size (6,108 sqft) is a notable asset, being above the city-wide average and providing ample outdoor space uncommon for the price point.
The home’s primary trade-off is its compact living area, which is smaller than most comparable properties on its street and in River East. This positions it not as a move-in-ready dream home, but as a strategic opportunity. It would best suit a first-time buyer prioritizing lot size and location over immediate square footage, an investor looking for a property with renovation and expansion potential, or a downsizer seeking a manageable home with a generous yard. Its value is rooted in its land and location, with the house itself representing a canvas for future updates or a practical, low-maintenance footprint.
Frequently Asked Questions
1. Why is the assessed value so much lower than other homes on the street?
The assessed value reflects the property’s smaller living area and older construction date relative to its neighbors. The valuation is primarily driven by the land value and the existing structure’s current condition and size, not the potential after renovation.
2. Is the smaller living area a major drawback?
It depends on your needs. For some, it’s a limitation. For others, it means lower utility costs, less maintenance, and a clear opportunity to thoughtfully expand or renovate over time, potentially increasing the home’s value significantly.
3. How reliable is the sold price data shown?
The displayed sold price range is based on publicly available data, not the MLS. For fully verified and exact historical sale figures, you must request a manual lookup via email from the site, as industry rules prevent the display of MLS records here.
4. The lot is above the city average in size. What does that mean for me?
A larger lot in an established neighborhood offers rare potential. It provides extra privacy, space for gardens, recreation, or future additions like a garage, deck, or even a suite (subject to zoning and permits).
5. Given its age, what should I be most concerned about?
A home built in 1955 will require a thorough inspection. Key focus areas should include the foundation, roof, plumbing, electrical systems, and insulation to understand any needed updates and to budget accordingly for maintenance or modernization.