Property Overview: 604 Elm Street, Central River Heights, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home on a mature, standard-sized lot in Central River Heights presents a compelling blend of space, location, and modern updates. Built in 1950, its key appeal lies in its generous 1,948 sqft of living area, which is notably above average for both the immediate neighbourhood and the city. This spaciousness is complemented by a renovated basement, adding valuable finished square footage. The home features a detached garage.
Its strongest suit is its established location within a sought-after neighbourhood, supported by its elite-tier assessed value ranking in Central River Heights. The recent sale price of $720k significantly outpaces both the 2016 sale price and the average for comparable homes, indicating strong market confidence and perceived value in this specific area.
This property would best suit buyers looking for a move-in ready, character home with ample interior space in a prime central neighbourhood. It’s ideal for those who prioritize location and liveable square footage over having the newest build or the largest lot on the street. The renovated basement adds immediate functionality, making it a practical choice for families or those who desire dedicated space for entertainment, a home office, or guests.
Section 2: Frequently Asked Questions
1. How does the lot size compare?
At just over 5,000 sqft, the lot is around the average for Elm Street and Central River Heights. The value here is in the interior space and location rather than extensive outdoor grounds.
2. The home was built in 1950. What should I consider?
While the basement has been renovated, a home of this age will likely have original elements elsewhere. Prospective buyers should budget for ongoing maintenance and potential updates to major aging components like the roof, windows, or plumbing, which is typical for the neighbourhood.
3. Why is the assessed value much lower than the recent sale price?
Municipal assessed value for taxation purposes often lags behind rapid market appreciation. The sale price reflects current buyer demand, the home’s condition, and the premium for the Central River Heights location, which the assessed value formula may not fully capture.
4. What does the "Elite" assessed value ranking mean for the neighbourhood?
This ranking indicates that, according to the city’s assessment, this home is in the top 4% of comparable properties in Central River Heights for value. This typically reflects a combination of the home’s size, condition, and desirable location within the neighbourhood.
5. The sale price jumped significantly from 2016 to 2024. Is this typical?
While the overall market has appreciated, this increase is well above average. It strongly suggests substantial improvements were made (like the basement renovation) and/or that the 2016 sale may have been under different conditions (e.g., a non-arms-length transaction). It highlights the property’s transformed market position over the last eight years.