Property Overview: 56 Riley Crescent, Crescent Park, Winnipeg

Section 1: Key Characteristics & Appeal

This is a well-situated, single-storey home on a quiet crescent, built in 1953. Its key features include a renovated basement and a detached garage. The property presents a specific value proposition: while the house itself is modest in size (979 sqft of living space, which is below average for the area), it sits on a desirable 5,093 sqft lot. This creates a clear opportunity for future expansion or redevelopment, a perspective underscored by the home's assessed value being significantly lower than the city-wide average for comparable properties.

Its primary appeal lies in its location within the established Crescent Park neighbourhood and its potential as a land-value play or a cozy, manageable home for those who prioritize outdoor space over a large interior footprint. It would suit a first-time buyer looking for an entry point into a mature area, an investor considering a future rebuild, or a downsizer seeking a bungalow with a manageable layout and a renovated basement for extra space. The 2020 sale price suggests a history of being a more affordable option on the street, which may continue to be part of its draw.

Section 2: Frequently Asked Questions

1. Is the lot size a pro or a con?
It's a significant pro for the right buyer. While the living area is compact, the lot is generous for the street and neighbourhood. This disparity is often seen as potential—space for a future addition, a large garden, or eventual redevelopment.

2. How does the assessed value compare?
The assessed value is around average for its immediate street but below average for the wider Crescent Park area and significantly below the Winnipeg average for comparable homes. This can indicate a more accessible price point for the neighbourhood, but it often reflects the home's smaller size relative to its land.

3. What does "renovated basement" typically mean in a home of this era?
In a 1953 bungalow, a renovated basement often means updated finishes and likely includes essential modernizations like moisture management and improved insulation. It adds valuable functional space, but a buyer should verify the scope and quality of the renovations.

4. Who might this home not suit?
It may not suit a buyer needing substantial, move-in-ready living space on the main floor, as the square footage is below area norms. It's also less likely to appeal to those seeking a modern, open-concept layout without undertaking major renovations.

5. What is the context of the 2020 sale price?
The home sold for $27.8k in 2020, which was below average at every comparison level (street, area, city). This history reinforces its profile as a property where value has been driven more by its land and location than by the existing structure's size or condition.