Property Overview & Key Characteristics
This condominium at 703-160 Tuxedo Avenue in Winnipeg's Edgeland neighborhood presents a specific and balanced value proposition. Its key appeal lies in offering above-average space at a manageable assessed value. With 1,600 sqft of living area, it ranks in the top 6% citywide for size, providing the roominess often found in a house but within a condo building. Built in 1984, it is a well-established property in a building that is newer than many in its immediate area.
The property suits practical buyers looking for space without a premium price tag. It would appeal to downsizers seeking a spacious, low-maintenance alternative to a single-family home, or to first-time buyers prioritizing square footage over a newer build. Its assessed value is notably lower than the street average, which could indicate a different unit type (like a basement-level condo) or a value opportunity, but also warrants closer inspection. The appeal is grounded in tangible space and financial efficiency rather than luxury finishes or a new build.
Frequently Asked Questions
1. Is this a basement-level unit?
The listing specifies "Basement: No," but the unit number "703" and the significantly lower assessed value compared to the street average suggest it may be a garden-level or lower-floor suite. It is not a traditional basement but likely has limited or no exterior views.
2. How does the condo fee impact the overall value?
This is a critical question not detailed in the stats. For a unit of this size and age, the monthly condo fee will significantly affect affordability. A buyer must balance the lower purchase price and taxes against this ongoing cost to understand the true monthly outlay.
3. Why is the assessed value so much lower than other units on the same street?
The assessed value of $37.8k is substantially below the Tuxedo Avenue average of $47.3k for comparable homes. This typically reflects factors like floor level, specific layout, orientation, updates needed, or the unit's proportionate share of common elements. It's a key point for negotiation and appraisal review.
4. What does the sale history tell us?
The property sold for $280k in June 2017. Comparing this to its current assessed value is not a direct market comparison, as assessed value is for tax purposes. However, the 2017 sale price provides a historical benchmark for how the market has previously valued the unit.
5. What are the less obvious considerations for a unit built in 1984?
Beyond routine maintenance, focus should be on the building's reserve fund study and health. For a building of this age, major envelope, roofing, or mechanical system renewals may be upcoming. A review of recent minutes and the reserve fund status is essential to anticipate future special levies.