Property Overview
This one-storey home in Birchwood sits on an exceptionally large, 11,480 sqft lot, which is its most defining feature. The property itself is a 1959-built bungalow with 1,496 sqft of living space. Its appeal lies in the significant potential of the land itself—it ranks in the top 4% of Winnipeg for lot size—offering rare space for expansion, gardening, or outdoor recreation in the city. The house presents as a solid, unrenovated canvas, with a basement that is functional but not updated. It last sold in April 2023 for $60,500, a figure well below its assessed value and nearby comparable sales, suggesting it may be a value-purchase opportunity for the right buyer.
This home would suit a buyer looking for a long-term project with a focus on land value. It’s ideal for someone with renovation plans who wants to shape a home to their own tastes, or for an investor who recognizes the underlying value of the large lot in a mature neighbourhood. It’s less suited for those seeking a move-in-ready property without immediate renovation work.
Key Questions & Considerations
1. Why is the sold price so much lower than the assessed value and nearby properties?
This is the central question for this listing. The significant gap between the 2023 sale price ($60.5k) and the assessed value ($52.2k, though nearby similar lots are assessed near $500k) typically indicates a property sold in as-is condition, possibly requiring substantial updates or facing specific circumstances. It strongly suggests a value play based on the land and the home's potential, not its current state.
2. What does "not renovated" for the basement imply?
It means the basement is original and functional but hasn't been modernized. Buyers should budget for potential updates to flooring, lighting, and possibly mechanical systems, and should anticipate a professional inspection to assess its condition.
3. How does the large lot size impact the value and experience?
Beyond sheer space, a lot in the top 4% city-wide offers privacy, room for additions like a garage or workshop, and mature landscaping possibilities that are increasingly rare. It also likely means higher property taxes relative to the current home's condition, but offers greater long-term equity upside.
4. The home is older—what should I be mindful of?
Built in 1959, core systems like plumbing, electrical, and the roof will be a priority for inspection. The positive trade-off is the potential for well-built, character-filled construction and a fantastic lot that newer homes in this price range simply don't offer.
5. Is the neighbourhood a good fit for a renovation project?
Birchwood appears stable, with this property ranking in the top 18% for lot size within the neighbourhood. The presence of nearby properties with high assessed values suggests a good environment for investing in improvements, as your efforts are likely to be supported by the surrounding area.