Property Overview

This 1973 bi-level home at 31 Ryerson Avenue in Fort Richmond presents a distinct profile. Its primary appeal lies in the combination of a large, above-average lot and a recently renovated basement, set against a neighborhood of newer and generally larger homes. The house itself, at 804 sq ft of living space, is notably compact compared to others on the street and in the area. This creates a unique value proposition centered on land potential and efficient living rather than existing square footage.

Key Characteristics & Ideal Buyer

The home sits on a generous 7,168 sq ft lot, which ranks well above average city-wide and on its street. This is the property's most significant asset, offering ample outdoor space and future expansion potential. The attached garage and renovated basement add functional living space and modern convenience. However, the living area is quite small, placing it in the bottom tier for size within its immediate vicinity.

Its appeal is for a specific buyer: someone who values land size over finished living space, sees potential in a home's "bones" and location, and is comfortable with a project. It would suit a first-time buyer or investor looking for a foothold in Fort Richmond, willing to live modestly while planning a future renovation or addition. Alternatively, it could appeal to a downsizer seeking minimal interior upkeep but who still desires a sizable private yard. The recent sale history suggests it’s a competitively priced entry point into the market.

Frequently Asked Questions

1. Why is the living area so much smaller than neighboring homes?
This is one of the older homes on the street, built in 1973. Many surrounding properties have been expanded or were built later with larger floor plans. The bi-level design and modest original footprint contribute to its below-average living space.

2. Does the large lot mean I can easily build an addition?
While the lot size is a major advantage and does create potential for expansion, any addition would require checking with the City of Winnipeg for zoning compliance, setback rules, and obtaining the necessary permits.

3. The assessed value seems high for a small house. Why is that?
The city's assessed value of $370k likely reflects the combined worth of the land (which is sizable) and the improved property. In this case, the premium lot in a established neighborhood is a significant driver of the assessment, not just the dwelling's square footage.

4. What does "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A viewing is essential to assess the quality of the renovation, the materials used, and whether it includes legal egress, a proper bathroom, or a kitchenette.

5. How does the sold price history help determine current value?
The home sold in 2023 and 2016. The 2023 sale price provides the most relevant recent market benchmark. Comparing it to the current assessment and considering market changes since 2023 can help form an offer strategy. The exact sold prices are available by request from the listing source.