500 Redwood Avenue – Property Summary
Key Characteristics & Buyer Profile
This home stands out for its relatively recent construction (2003) in a neighborhood where the average home was built in 1927. On its own street, it ranks in the top 13% for age—meaning most nearby houses are nearly 70 years older. The land area is also a strong point: at 4,493 square feet, it ranks in the top 5% within the William Whyte neighborhood and top 17% on the street. This is not a sprawling suburban lot, but it's generous for the area and offers more outdoor space than most comparable homes nearby.
The living area is 1,080 square feet, which is slightly above the street average but below the citywide average. It's a modest, functional footprint—reasonable for a small family, a couple, or someone looking for a manageable home with less upkeep.
The assessed value is $204,000, which is above average for the street and neighborhood (top 16% locally) but well below the citywide average of $390,100. This reflects a home that is valued more highly than its immediate surroundings, yet remains relatively affordable compared to the broader Winnipeg market. The combination of a newer build and a larger lot in an older, more affordable neighborhood creates a kind of "best of both worlds" dynamic—but buyers should be aware that the neighborhood itself (William Whyte) is not a high-value area citywide.
Who it suits: Buyers who want a newer home without the price tag of a new subdivision, and who value outdoor space. It could also appeal to someone looking for a property with good bones in a transitioning or under-appreciated neighborhood, where long-term appreciation may come from the land and structure rather than the immediate surroundings. Not ideal for someone seeking a trendy, walkable urban area or a turnkey luxury home.
Frequently Asked Questions
1. Is this property in a flood zone or area with known drainage issues?
No specific flood zone information is provided in this data set. However, the large lot and above-average land area suggest good outdoor drainage potential. Buyers should check the property's specific flood risk with their municipality or insurer, especially given the age of the neighborhood's infrastructure.
2. How does the assessed value compare to recent sale prices in the area?
This property is assessed at $204,000, which is above the neighborhood average of $149,100 but below the citywide average. For a more accurate picture, you would need to look at recent sold comparables—assessed value is a snapshot, not a market price. The fact that it ranks in the top 16% locally suggests it is priced higher than most homes in William Whyte, which could be justified by the newer construction and lot size.
3. What is the condition of the home given it was built in 2003?
At about 21 years old, a 2003 home is typically past the initial "new home" stage but still relatively modern. Systems like the roof, HVAC, and windows may be approaching the end of their first lifecycle depending on maintenance. A home inspection is recommended to check for deferred maintenance, especially in an older neighborhood where construction standards and local soil conditions may affect foundations.
4. Is the William Whyte neighborhood considered safe or up-and-coming?
This data set does not include crime or demographic trends. William Whyte is an older, inner-city neighborhood with a mix of housing stock. Its rank in the bottom 9% of assessed value citywide indicates it is not a high-demand area at present. Some buyers see potential in such areas due to affordability and proximity to the core, but it's important to research recent development plans, school ratings, and local safety statistics independently.
5. How does the lot size affect zoning or future development potential?
The 4,493-square-foot lot is larger than 95% of properties in the neighborhood. This could allow for future additions, a garage, or even a secondary suite (subject to local zoning bylaws). Buyers interested in expansion or investment should contact the City of Winnipeg's planning department to understand R1 or R2 zoning restrictions, setbacks, and any heritage overlay that may apply.