721 Berkley Street presents a unique proposition in Winnipeg's Betsworth area. Its primary appeal lies in the exceptional land size—a nearly 16,000 sqft lot that ranks in the top 2% of all properties in Winnipeg. This is a true blank canvas in an established neighborhood. The home itself is a modest, 784 sqft one-storey house built in 1940, featuring a finished basement and a detached garage.
This property would perfectly suit a specific type of buyer: those with a vision for the land itself. It's ideal for someone looking to build a new, custom home while staying within a mature community, or for an investor or hobbyist who values expansive outdoor space for gardens, workshops, or future development potential over immediate square footage. It’s less suited for buyers seeking a move-in-ready, spacious modern home without renovation or rebuilding plans.
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What does the "ranking" data actually mean for me?
The rankings highlight a striking contrast: the lot size is among the city's best (top 2%), while the house itself is quite old and small compared to others (ranking in the bottom 10-20% for size and age). This underscores the property's value as a land play rather than a structure play.
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Is the house livable while planning for the future?
With a finished basement and basic amenities, the existing home is likely functional as a modest dwelling. This allows an owner to live on-site or have rental income during the planning stages for a new build or major renovation, which is a significant practical advantage.
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Why is the assessed value relatively low compared to the lot potential?
Municipal assessments typically reflect the current state of the property—the older, smaller home on it. The market value for a buyer intending to utilize the land's full potential would likely be based on the value of comparable lots plus the cost to remove or improve the existing structure, which can be higher than the assessed figure.
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What are the less obvious costs or challenges?
Beyond the purchase price, consider costs for potential demolition, new construction, or significant modernization. Also, investigate zoning bylaws and any heritage or community guidelines that might affect what can be built on this large, prominent lot.
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Who is the typical competition for this property?
You are likely competing with builders, developers, and savvy owner-occupiers who recognize land value. The winning offer will likely be one that appreciates the unique asset—the expansive lot—rather than comparing it directly to standard family homes in the area.