1010-15 Kennedy Street

Property Overview

This 840 sqft unit at 1010-15 Kennedy Street is a compact, no-frills property built in 1980. Its primary appeal lies in its exceptional affordability, as reflected in its low assessed value. The unit ranks very highly for its living space compared to others on its street and in the Broadway-Assiniboine neighbourhood, meaning it offers more square footage than most comparable local options. It would suit a first-time buyer, an investor seeking a low-entry-cost rental property, or someone looking to minimize housing expenses in a central location. A less obvious perspective is that its strong rankings for size and recent sale price within its immediate building and street suggest it may be one of the more desirable units in this specific complex, potentially offering better relative value internally than the broader market metrics imply.

Key Details & FAQs

• Key Characteristics: Built in 1980, 840 sqft living area. No basement, pool, or garage.
• Appeal & Suitability: Its strongest asset is its low cost of entry. It is notably larger than most other units on Kennedy Street and in the immediate neighbourhood, providing good space for the price. It is best suited for budget-conscious buyers, investors, or those seeking a minimal footprint in a central Winnipeg area.
• Neighbourhood Context: The property's rankings are a mix: while it scores highly on size and a recent sale price within its micro-area (street/building), it ranks in the lower halves for assessed value relative to both the street and the wider city.

Frequently Asked Questions

1. What does the "Top 1%" ranking for living area on its street mean?
It means this 840 sqft unit is larger than 99% of other properties on Kennedy Street. In this specific location, it offers above-average interior space.

2. Why is the assessed value so much lower than the 2022 sale price?
The assessed value ($15,300) is for municipal tax purposes and often lags behind market sale prices. The 2022 sale at $18,300 may better reflect recent market conditions, though both figures indicate a very affordable property.

3. Who would this property not be suitable for?
It would not suit buyers looking for a property with a garage, basement storage, modern builds, or who prioritize prestige or high appreciation potential. Its overall Winnipeg rankings for value are in the bottom 5%.

4. The rankings seem contradictory. Is it a good or bad value?
It depends on perspective. For the specific building and street, it appears to be a stronger value (ranking high for size and sale price). When compared to all of Winnipeg, it's a lower-tier property in terms of assessed value. It's a hyper-local opportunity, not a city-wide standout.

5. What should a potential buyer investigate further?
Given the age of the building (1980), a close review of the condo corporation's financial health, reserve fund, and any upcoming special assessments is crucial. Also, understanding what the monthly condo fees cover and how they impact the total cost of ownership is essential.