Property Overview: 340 Woodbine Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a clear value proposition centered on its generous lot. At just under 1,000 sqft, the living space is modest and below the averages for both the Riverbend neighborhood and the city. Built in 1958, it is also one of the older homes in an area where many houses are more recent. The assessed value reflects this, sitting below the local averages.
The primary appeal lies in its expansive 7,497 sqft property, which ranks in the top 10-15% when compared to nearby and city-wide lots. This creates significant potential for expansion, gardening, or outdoor living that is harder to find in newer subdivisions. Its appeal is for practical buyers who see the land as the main asset—whether as a long-term family home with room to grow, or for someone comfortable with a smaller, classic floor plan who prioritizes private outdoor space. It suits a first-time buyer or downsizer looking for a manageable home in a stable area without a premium price, but with the valuable option of future improvement.
Section 2: Frequently Asked Questions
1. Is the house too small for a family?
While the living area is below average, the floor plan's efficiency and the large lot can offset this for some families. The lot provides crucial space for children to play and for adding a deck or patio, effectively extending the living area outdoors during warmer months.
2. How does the 1958 build date affect the property?
It indicates that major systems (roof, wiring, plumbing) may be near or past their typical lifespan, so a thorough inspection is essential. However, homes of this era often feature solid construction and larger lot sizes that are no longer common, which can be a worthwhile trade-off.
3. Why is the assessed value below the neighborhood average?
The assessment logically reflects the home's smaller size and older age compared to the many newer, larger homes in Riverbend. It suggests the price is primarily for the land and location, with the house itself contributing less to the valuation.
4. What is the realistic price based on recent sales?
Public data indicates it last sold between $300,000 and $350,000 in late 2021. Given market changes since then and its assessed value of $334,000, a current market price would likely be informed by recent sales of similar-sized homes on large lots in the area, rather than by larger, newer homes.
5. What are the immediate comparison points with nearby homes?
Looking at the provided examples, similar assessed values on the same street (like 253 Woodbine Ave) correspond to homes of similar size and age. This confirms the local market valuation for this specific home profile. In contrast, nearby homes with much higher values are typically newer and significantly larger.