Property Overview: 704 Leola Street, Winnipeg

Key Characteristics & Appeal

This one-and-three-quarter storey home in Kern Park is a property of contrasts, defined by its historical roots and its position relative to the local market. Built in 1920, it offers a generous living space of 1,192 sq ft, which ranks well above average for both its street and the Kern Park neighbourhood. This suggests a home with potentially classic layouts and more room than many in the immediate area.

The primary appeal lies in its value proposition. The home's assessed value is significantly below average for the city, street, and neighbourhood. When combined with its above-average interior space, it presents a notable opportunity for buyers seeking square footage at a lower entry point. The lot, while smaller than area averages, is a manageable size. The basement is noted as unrenovated, indicating a canvas for future improvements.

This property would best suit a practical buyer or investor who sees potential rather than perfection. It’s a fit for someone comfortable with a home that has a century of character and is ready to take on incremental updates. The buyer likely prioritizes interior space and affordability over a modern, turn-key condition or a large yard. It's also a candidate for those interested in the established, quieter streets of Kern Park, valuing location stability over a brand-new build.

Frequently Asked Questions

1. Why is the assessed value so much lower than the averages?
While the exact municipal assessment formula is complex, the low assessed value typically reflects the home's age, the unrenovated condition of the basement, and market factors specific to its street. It's important to note that assessed value is for tax purposes and does not necessarily equal market value, though it often indicates a lower purchase price point.

2. What does "one & 3/4 storey" mean for the layout?
This style, common in older Winnipeg homes, usually features a main floor and a second floor where the ceilings slope with the roofline. The second floor often has cozy, character-filled bedrooms built into the eaves, which may have reduced headspace in parts compared to a full two-storey.

3. The sold price history shows a very low range from 2020. Is that relevant today?
The 2020 sale price is a historical data point and is not indicative of current market value. It does, however, highlight a trajectory of significant potential appreciation, underscoring the importance of getting a current market evaluation.

4. How significant is the smaller lot size?
At 3,320 sq ft, the lot is below average for the area. This means less yard for gardening or expansive outdoor recreation but also translates to less maintenance, which can be a positive for some buyers. It's a practical, low-maintenance footprint.

5. What are the implications of an unrenovated basement?
An unrenovated basement offers both a project and an opportunity. It likely requires investment to finish for living space, but it also allows a new owner to customize it to their needs without first undoing someone else's work. It's essential to budget for this and have the space inspected for moisture and structural integrity.