Property Overview: 47 Flamingo Avenue
Section 1: Key Characteristics & Appeal
This two-storey home, built in 1966, sits on a spacious 6,603 sqft lot in Winnipeg's Booth neighbourhood. Its primary appeal lies in a combination of solid fundamentals and recent transactional momentum. The home features 1,823 sqft of living space, an attached garage, and a renovated basement—a key functional upgrade. The lot size is notably above average for its street, offering good outdoor potential.
The property’s standout characteristic is its recent sale history, having sold for $480k in August 2023, which is significantly higher than its current assessed value. This suggests buyers see value beyond the official assessment, possibly due to the renovations, the desirable lot, or neighbourhood demand. It ranks highly within its immediate area for lot size, recent sale price, and living area, indicating it is a competitive property in its micro-market.
This home would suit a buyer looking for a move-in-ready property with a renovated basement, valuing above-average outdoor space, and who is less concerned with the age of the home itself. It’s a pragmatic choice for someone who trusts recent market activity as an indicator of value over government assessment.
Section 2: Frequently Asked Questions
Q: Why is the recent sale price so much higher than the assessed value?
A: This is not uncommon. The assessed value is for municipal tax purposes and can lag behind market conditions, which are influenced by factors like renovations, specific buyer demand, and recent comparable sales that may not be reflected in the assessment.
Q: How does the age of the home (1966) factor in?
A: While the structure is 60 years old, the renovated basement is a major update. Buyers should focus on the condition of core systems (roof, wiring, plumbing) and consider that the lot size and layout from this era are often more generous than in newer subdivisions.
Q: The rankings show it's top 79% in Winnipeg for sale price. What does that mean?
A: This means the sale price was higher than approximately 79% of other Winnipeg properties in the database. It indicates this property commanded a premium price point city-wide, though it's essential to compare within the neighbourhood for the most relevant context.
Q: Is the lot size a major advantage?
A: Yes. The lot is larger than 53% of others on the same street. In established neighbourhoods, land is a fixed commodity. A larger lot provides more privacy, space for gardens or additions, and often holds its value independently of the house.
Q: What might the neighbourhood rankings imply for future value?
A: Ranking highly within the neighbourhood for sale price and living area is positive. It suggests the property is already considered a top-tier home in its immediate area, which can provide a degree of insulation against market dips compared to lower-ranking properties nearby.