516 Basswood Place – Property Summary
Key Characteristics & Buyer Profile
This is a 1,403 sqft home, built in 1911, on a 2,748 sqft lot. Its main appeal lies in the livable floor area: it's above average for its street, ranking in the top 25% of comparable homes on Basswood Place. That means more interior space than most neighbors offer. The assessed value is $362,000, which is slightly above the street average but below both the neighborhood ($371,300) and citywide ($390,100) averages. This suggests the property is priced reasonably compared to the broader market, without the premium some of its nearby counterparts command.
The lot is noticeably smaller than average—ranking in the bottom quarter on the street and bottom 8% citywide. Buyers should expect limited outdoor space. The home’s age (1911) is older than the citywide average (1966), but it's consistent with the character of the Wolseley neighborhood, where many homes date from the early 1900s. The property suits someone who prioritizes interior square footage and wants to be in a historic, walkable area without paying a premium for a large yard or a newer build. It’s less ideal for those needing a big garden, a garage, or modern construction.
Five Possible FAQs
1. How does this home’s assessed value compare to others in Wolseley?
The assessment of $362,000 is below the neighborhood average of $371,300, ranking it around the middle (top 42%). It’s a solid value for the area, especially given its above-average living space.
2. Is the small lot a problem for resale?
Not necessarily, but it depends on the buyer. In Wolseley, smaller lots are common, so the market is used to it. Homes with larger yards often sell for more, so flipping or major renovations may be limited by the lot size. For a primary residence, it’s fine—just not a standout feature.
3. Why is the home ranked as “below average” for year built citywide?
Being built in 1911 puts it in the oldest 7% of homes citywide (top 93% rank). That means most Winnipeg homes are newer. However, in Wolseley, older homes are the norm, so the age is less of a concern there. Buyers should budget for potential maintenance on an early-1900s structure.
4. What’s the street like in terms of property sizes?
Basswood Place has a mix of homes, but 516 sits on one of the smaller lots (2,748 sqft vs. a street average of 3,146 sqft). The living area, though, is larger than most on the street—so it’s a trade-off between indoor space and outdoor space.
5. How does this property compare to the citywide average for living area?
It beats the citywide average of 1,342 sqft by about 60 sqft, ranking in the top 35% citywide. That’s a real advantage—you’re getting more interior space than most comparable homes in Winnipeg, even if the lot is smaller.