Property Overview: 705 Municipal Road, Winnipeg
Key Characteristics & Appeal
This is a well-established bi-level home on a large, approximately 10,241 sqft lot in Betsworth. Built in 1971, the property features 1,158 sqft of living space, a finished basement, and a detached garage. Its standout characteristic is the generous lot size, which ranks in the top 6% of all Winnipeg properties, offering significant outdoor space and potential.
The appeal lies in a compelling combination of space, value, and a proven investment trajectory. While the home itself is average in size for its area, the vast yard is a rare find, suitable for gardening, expansion, or simply enjoying ample privacy. The recent sale price of $454,000 in October 2024, which is notably above the current assessed value, suggests strong market confidence and a history of solid appreciation, having increased over $150,000 in value since late 2020.
This home would best suit practical buyers who prioritize land over a large interior footprint. It's ideal for first-time buyers seeking room to grow, downsizers who want a manageable home without sacrificing yard space, or value-oriented investors attracted by the lot's inherent value and the property's clear, upward price history. It offers a grounded opportunity in a mature neighbourhood.
Frequently Asked Questions
1. What does the ranking data actually mean?
The rankings compare this property to others on its street, in Betsworth, and across all of Winnipeg. For example, being in the "top 6%" for lot size city-wide confirms the lot is exceptionally large. The "top 36%" ranking for assessed value indicates it's valued above average for Winnipeg.
2. The home was just bought in October 2024. Why is it back on the market?
While the specific reason isn't listed, a quick resale can occur for various personal, financial, or employment-related reasons unrelated to the property itself. It does, however, provide a very recent and transparent market price point for buyers.
3. Is a bi-level layout suitable for me?
Bi-levels feature split entryways leading to upper living areas and lower-level spaces. This layout is efficient and can feel spacious, but it involves stairs to access most rooms. It's worth considering for mobility needs or lifestyle preferences.
4. How significant is the difference between the assessed value and the recent sale price?
The sale price ($454,000) being higher than the assessment ($397,000) is common in active markets, as assessments lag behind current conditions. This gap indicates the market currently values the property higher than its official tax valuation.
5. What are the implications of a 55-year-old home?
A home of this age will have mature landscaping and an established neighbourhood feel. Buyers should budget for updates to aging components like windows, roof, or mechanical systems, and ensure a thorough inspection is completed. The recent sale also suggests these factors were recently evaluated by the market.