Property Overview: 706 Leola Street, Winnipeg

Key Characteristics & Appeal

This is a compact, one-storey home in Kern Park, built in 1912. With 920 sqft of living space and a recently renovated basement, it offers a practical layout on a standard city lot of 3,660 sqft. The home does not have a garage or pool.

Its primary appeal lies in its value and potential within a stable neighborhood. The assessed value of $260k positions it as a more accessible entry point into homeownership compared to city-wide averages. The renovated basement adds immediate functional space without the need for initial projects. While the living space is modest and the home’s age is well above average, this translates to a character-filled property at a price point that allows room for future, gradual updates according to an owner's taste.

This property would suit first-time buyers or practical downsizers who prioritize location and lot ownership over square footage. It’s for someone comfortable with the quirks and maintenance considerations of a century-old home, who sees its below-average metrics not as drawbacks, but as the reason it remains within financial reach. It’s a straightforward home for those who value a traditional neighborhood feel over modern amenities.

Frequently Asked Questions

1. What does the sold price history indicate?
The home sold in May 2022 for an estimated $255k-$285k, closely aligning with its current $260k assessment. This suggests a stable, non-speculative market value in recent years.

2. How does it compare to other homes on the street and in Kern Park?
On its street and in the broader Kern Park area, the home is consistently around or below average for size, value, and year built. However, its lot size is fairly typical for the immediate area. This indicates you’re buying a smaller, older home in a neighborhood with a mix of property types.

3. What are the implications of the home's age (1912)?
While offering classic charm, a 114-year-old home requires a proactive approach to maintenance. Buyers should prioritize a thorough inspection focusing on foundational integrity, plumbing, electrical systems, and insulation to understand any needed updates.

4. Is there potential for expansion or adding a garage?
The lot size is standard for the area. While an addition or building a garage may be physically possible, it would require checking specific zoning bylaws, setback requirements, and the condition of the existing structure to support modifications.

5. You mention a renovated basement. What should I ask about this?
It’s important to verify the scope and quality of the renovation. Ask for details on who did the work, whether permits were pulled, and what was specifically addressed (e.g., moisture proofing, ceiling height, electrical, and legal egress). This ensures the space is both comfortable and safe.