Property Overview: 1060 Redwood Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home, built in 1914, presents a straightforward opportunity in Winnipeg's Burrows Central neighbourhood. Its primary appeal lies in its value proposition and potential. With a living area of 1,068 sqft that is above average for the immediate area, the home offers practical space. The lot size of 3,260 sqft is typical for the street and neighbourhood, providing standard outdoor space.

The home’s most notable characteristic is its significantly below-average assessed value, both locally and city-wide. This positions it as an accessible entry point into the market. The appeal is primarily for value-driven buyers: first-time homeowners seeking a foothold, investors looking for a rental property with a lower initial outlay, or hands-on buyers who see potential in a home that may require updates. It’s important to note the property has an unrenovated basement and no garage, which factors into its valuation. A thoughtful perspective for a buyer is to consider this not just as a house, but as a strategically priced parcel of land with a livable structure—a canvas for gradual improvement or a stable holding in a mature neighbourhood.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
Assessed values are based on a mass appraisal system considering factors like location, home size, age, and recent sales. This home’s age, lack of recent renovations, and specific market conditions in its area result in an assessment far below the Winnipeg average, which includes many newer and substantially renovated properties.

2. What does "unrenovated basement" typically imply?
This usually means the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates to flooring, lighting, or finishes, and should prioritize a thorough inspection to check the foundation, moisture control, and essential systems like wiring and plumbing.

3. How does the lack of a garage affect daily living and value?
It means relying on street parking, which requires consideration of local parking permits and winter parking bans. The absence of a garage also means less storage space and no protected parking, which is a common trade-off for the lower price point in older neighbourhoods.

4. The home is over a century old. What should I be most concerned about?
While charm and solid construction are hallmarks of this era, key inspection points should include the condition of the roof, original windows, plaster/lathe walls, and the electrical and plumbing systems, which may have been updated only in part over the decades.

5. The sale history shows it sold very recently in 2022. What does that indicate?
A quick resale can happen for many personal reasons, but it warrants asking the seller or your agent about the circumstances. It could also indicate a previous investor’s flip or a change in the owner’s situation, making it wise to understand what, if any, work was done during that brief ownership.