Property Overview: 807 South Drive, Crescent Park, Winnipeg

Section 1: Key Characteristics & Appeal

This 3-level split home, built in 1956, presents a compelling mix of value and potential. Its key features include a renovated basement, an attached garage, and a notably generous lot of just under 10,000 sqft—a significant asset that places it well above average for both the neighborhood and the city. With 1,219 sqft of living space, the home is more compact than others on its street but is squarely average for the wider Crescent Park area.

The primary appeal lies in its land value and location. The large lot offers ample outdoor space for gardening, play, or future expansion in a mature, established neighborhood. The home’s assessed value is notably low compared to its last sale price, which may indicate an opportunity for equity growth, especially if the interior is updated. This property would best suit a practical buyer—perhaps a first-time homeowner, a downsizer, or an investor—who values land size over square footage and is comfortable with a home that may require some modernization. It’s for someone who sees the potential in the generous yard and the solid foundation of a renovated basement, rather than expecting a move-in-ready showcase.

Section 2: Frequently Asked Questions

1. Is the house small for the neighborhood?
Yes, in terms of living area. It ranks in the bottom 6% on its own street, where homes are typically much larger. However, it is average for the broader Crescent Park area, making it a more modestly sized home on a desirable street.

2. Why is the assessed value so much lower than the last sale price?
The assessed value is for municipal tax purposes and often lags behind market value. The significant gap between the 2018 sale price ($390k) and the current assessed value ($50.4k) suggests the market has historically valued the property highly, likely due to its lot size and location. This discrepancy is common and should be clarified with a current market appraisal.

3. What does the large lot size actually mean for me?
Beyond ample yard space, a lot size that ranks in the top 13% of the neighborhood offers rare potential. It provides privacy, room for additions like a deck or shed, and could be a long-term asset if local zoning allows for subdivision or significant landscaping projects.

4. Is a 3-level split a desirable layout?
This style offers good separation of living spaces, often splitting bedrooms across multiple half-levels. It can feel more spacious than a bungalow but may involve more stairs. It suits those who prefer defined, cozy areas over an open-concept flow.

5. How does the renovated basement add value?
A finished basement immediately increases usable living space without increasing the home’s footprint. It suggests foundational systems (like plumbing and electrical) have been addressed and provides flexible space for a family room, home office, or guest area, adding practical functionality.