Property Overview & Key Characteristics
5 East Gate is a historic, two-and-a-half-storey home in Winnipeg's prestigious Armstrong Point neighbourhood, built in 1906. Its defining feature is an exceptionally large, private lot of nearly half an acre (21,489 sq ft), placing it among the largest in the city. The home itself is spacious at over 6,500 sq ft of living area. It features a renovated basement and sits on a quiet, tree-lined street surrounded by similar heritage properties.
The primary appeal lies in a rare combination of historic prestige and immense land value within a central, sought-after enclave. It suits a specific buyer: someone seeking a legacy property with unparalleled outdoor space for gardens, recreation, or future expansion, and who is prepared for the stewardship of a 120-year-old character home. The significant gap between its recent sale price and its assessed value suggests a buyer saw substantial intrinsic or potential value not captured in the official assessment, likely in the land and location.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
This is common with unique, high-end heritage properties. The assessed value often serves as a base for taxation and may not fully capture the premium market value of an extremely large lot in a prime location, the home's historic character, or significant interior renovations.
2. What does the "Top X%" ranking for lot size really mean?
The rankings show this property's lot is larger than 99% of all residential lots in Winnipeg. In practical terms, it means you are considering one of the largest and most private parcels of land available in the city, especially within a central neighbourhood.
3. What should I consider with a 1906-built home?
While full of character, a home of this age requires careful attention to its original systems (like plumbing and electrical, which may have been updated), foundation, and historical preservation. The renovated basement is a positive, but a thorough inspection by professionals familiar with heritage homes is essential.
4. There's no garage. Is adding one possible?
Given the vast lot size, adding a garage or carriage house is likely feasible from a space perspective, but would be subject to strict heritage and zoning regulations in Armstrong Point. Any addition would need to respect the architectural character of the home and neighbourhood.
5. The nearby reference property has a much higher assessed value. Why?
The reference property at 25 Cornish Avenue is in a different neighbourhood (West Broadway) with different market dynamics. Its assessment reflects its specific location, condition, and improvements. It highlights how assessments are hyper-local and that lot size alone isn't the only factor; neighbourhood prestige and property type play major roles.