Property Overview: 555 Oakview Avenue, Winnipeg
Key Characteristics & Appeal
This home at 555 Oakview Avenue is a compact, character property built in 1923, offering a distinct proposition in Winnipeg's Rossmere-B neighborhood. Its primary characteristic is its modest 702 sqft living area, which is notably smaller than most homes on its street, in the area, and across the city. This is balanced by a near-average lot size of just under 5,000 sqft, presenting a clear opportunity for expansion or outdoor enjoyment relative to the home's footprint.
The appeal lies in its position as a potentially more accessible entry point into the housing market. With an assessed value of $282k, it sits below local averages, suggesting a lower property tax burden and a potentially attractive price point for a first-time buyer or an investor. The home’s age and smaller size make it a candidate for those seeking a manageable project—whether that's simple updates or a more significant renovation to customize the space or add square footage. It would suit a pragmatic buyer who values land size over finished living area, sees potential in older homes, and is comfortable with a property that ranks below average in size and modern amenities but offers the foundational value of location and lot.
A less obvious perspective is that this property represents a specific segment of housing stock that is becoming rarer: a true, smaller-scale home from the early 20th century on a decent lot. It avoids the premium often attached to fully renovated character homes, offering authenticity instead of turn-key convenience.
Frequently Asked Questions
1. Is the smaller living area a major drawback?
It depends on your needs. The 702 sqft layout is efficient and manageable, potentially leading to lower utility costs and less maintenance. However, it requires thoughtful use of space and may not suit those needing multiple bedrooms or dedicated work-from-home areas without renovation.
2. How does the assessed value relate to the likely selling price?
The assessed value ($282k) is for municipal tax purposes and is typically below market value. Recent sold price data for the home (in the $250k-$300k range) suggests it has traded close to this assessment. A current market evaluation would be needed to determine an accurate listing or offer price.
3. What are the implications of the 1923 build date?
This older construction means potential for character details but also a higher likelihood of aging components like plumbing, electrical, or the foundation needing inspection. It ranks as older than most area homes, so a thorough pre-purchase inspection is essential.
4. The lot is relatively large for the home's size. Can I build an addition?
The near-5,000 sqft lot does provide a tangible asset: space. Whether you can build an addition, garage, or garden suite depends on Winnipeg's zoning bylaws, setback requirements, and your budget. This flexibility is a key feature for future expansion.
5. Where can I get verified sale history and exact past prices?
The provided data is from public sources, not the MLS. For fully verified transaction history and exact sale figures, you must request a manual lookup from the site, which they provide via email. This is a common practice due to industry data restrictions.