Property Overview: 1-297 Lilac Street, Winnipeg
Key Characteristics & Appeal
This two-storey home on Lilac Street in Earl Grey stands out for its modern foundation and generous proportions within a well-established neighbourhood. Built in 2016, it is a notably newer construction compared to most area homes, offering contemporary building standards and minimal immediate maintenance concerns. With 1,872 sqft of living space, it provides ample room, ranking in the top tier for size both locally and city-wide. The home features a renovated basement, adding valuable finished space. Its assessed value is consistently elite across all comparison levels, reflecting its premium positioning.
The appeal lies in securing a modern, spacious home without sacrificing the mature character and convenience of the Earl Grey area. It suits buyers looking for a move-in-ready property who want to avoid the potential surprises and renovation projects common with century homes. It’s particularly well-suited for small families or professionals seeking space to grow, and for those who value a newer mechanical and structural foundation but still want tree-lined streets and a central location. A less obvious perspective is the lot size: while perfectly standard for Earl Grey, it is smaller than the city average, suggesting the value is squarely in the modern building itself rather than extensive outdoor space—ideal for buyers who prefer low-maintenance yard care.
Frequently Asked Questions
1. How does the 2024 sale price compare to the assessed value?
The home sold for $77,300 in April 2024, which is moderately higher than its $71,400 assessed value. This suggests a strong market recognition of the property's premium characteristics.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated, meaning it is finished as livable space. Specific details on the finish quality, rooms, and permits should be verified through a viewing or with the selling agent.
3. With no garage, what are the parking options?
The property does not include a garage. Parking is likely via a driveway or on-street. Checking local bylaws for street parking permissions would be advisable.
4. The home is newer, but what about the neighbourhood's older infrastructure?
While the house itself is modern (2016), it’s important to consider the age of municipal services like water and sewer lines that serve the area, which are common to the wider, older neighbourhood.
5. Has the property's value increased since its last sale?
Yes. It sold for $710,000 in February 2020 and $662,000 in July 2017. The 2024 sale price indicates a significant increase in value over its lifespan, reflecting both market trends and the desirability of this specific property.