Property Overview

This one-and-a-half storey home on Oxford Street in Central River Heights presents a practical opportunity in a well-regarded neighbourhood. Built in 1951, it sits on a standard 5,518 sqft lot and offers 1,385 sqft of living space. A key feature is its renovated basement, adding functional space, and it includes a detached garage. The home’s recent assessed value is notably lower than many neighbours, which may indicate different factors at play compared to recent sale prices on the street.

Key Characteristics & Appeal

The primary appeal of this property lies in its location within the established, desirable River Heights area, combined with its updated basement ready for use. It suits a pragmatic buyer—perhaps a first-time homeowner, an investor, or a downsizer—who values neighbourhood over sheer size, as the living space is modest for the area. The significant gap between the current low assessed value and the home’s last sale price in 2017 suggests a buyer should be prepared for due diligence; it could represent a value opportunity, a need for updates, or simply an assessment anomaly. This isn't a showpiece, but a solid, grounded home where the value is derived more from its address and lot than from luxury finishes or square footage.

Frequently Asked Questions

1. Why is the current assessed value so much lower than the previous sale price?
Assessed values for tax purposes don't always align with current market value. This discrepancy warrants investigation into the condition of the home, potential changes in the area, or the specifics of the assessment itself.

2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor under sloped roofs, often creating cozy bedrooms with character. Ceiling heights and layout can vary from a full two-storey home.

3. How does the living area compare to nearby homes?
At 1,385 sqft, it's slightly below the average for Oxford Street but very close to the average for both Central River Heights and Winnipeg overall, offering a comfortably sized but not expansive footprint.

4. What is the significance of having a renovated basement?
A renovated basement adds immediate functional living space without the need for a major project. It’s important to clarify the nature of the renovation—whether it’s a legal suite, a recreational room, or simply finished storage space.

5. The home sold for a significantly different price in 2021 versus 2017. What should I consider?
The 2021 sale at $41.5k is likely not an arms-length market transaction (such as a transfer between family members). The 2017 sale at $300k is a more relevant indicator of its open market value from that time, and the current price should be evaluated against subsequent market changes and the home's condition.