Property Overview: 338 Kingston Crescent, Winnipeg

Key Characteristics & Appeal

This one-and-a-half storey home, built in 1930, presents a classic character property on a generous 6,647 sqft lot in the Kingston Crescent area. With 1,188 sqft of living space and a renovated basement, it offers functional, no-frills living. The home’s primary appeal lies in its value proposition and lot size. While its living space and assessed value are modest compared to other homes on Kingston Crescent, they are much more aligned with city-wide averages, suggesting an entry point into a established neighbourhood. The lot is notably larger than the typical Winnipeg property, offering potential for outdoor enjoyment or future expansion.

This home would suit practical, value-conscious buyers such as first-time homeowners looking for a foothold in the area, or investors seeking a rental property with a solid land base. Its renovated basement adds immediate utility, and the property’s scale makes it manageable. A less obvious perspective is that its "below average" metrics for the immediate area might actually be an advantage, potentially resulting in relatively lower property taxes compared to neighbouring homes, while still providing the neighbourhood benefits.

Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
The assessed value reflects factors like the home's smaller size, older age, and modest specifications compared to larger, more updated homes on the same street. This is common for original character homes in mature neighbourhoods and is a key component of its affordability.

2. What does the sold price history indicate?
The home sold in September 2022 for between $37.5k and $40.5k, which was close to its assessed value at the time. This suggests a market that prices these homes in line with their official valuation, rather than the inflated premiums sometimes seen with fully renovated properties.

3. Is the land subdividable or suitable for an addition?
The lot size is certainly substantial. Any plans for subdivision or significant expansion would require thorough investigation with the City of Winnipeg regarding zoning bylaws, setback requirements, and potential easements.

4. What are the implications of no garage?
The property has no garage, which is a consideration for vehicle storage and security. Buyers should assess on-street parking availability and the feasibility and cost of adding a garage or carport in the future, subject to local regulations.

5. How does the "renovated basement" affect the living space?
While it adds functional space, it's important to clarify the nature and quality of the renovation, ensure it was permitted, and check for any moisture issues common in older basements. This space likely contributes to the home's livability but may not be reflected in the official above-grade square footage.