Property Overview: 331 Keenleyside Street, East Elmwood, Winnipeg
Key Characteristics & Appeal
This one-storey home, built in 1956, presents a practical and well-positioned opportunity in the East Elmwood neighbourhood. Its primary appeal lies in its strong value proposition within its immediate area. While the 1,024 sqft living space is typical for the street and neighbourhood, the property stands out for its above-average assessed value relative to nearby homes, suggesting it may offer better finishes, condition, or updates than many of its direct peers. The lot is a notable asset, at 4,870 sqft, providing more outdoor space than many homes on the same street. A detached garage and a renovated basement add functional utility.
The home suits first-time buyers or downsizers seeking a manageable, single-level layout in an established community. It also appeals to value-focused investors or homeowners who prioritize a larger lot and see potential in a property that already benchmarks well in its local market. A thoughtful perspective is that while the home's size is modest by city-wide standards, its strong ranking for assessed value on its own street indicates a property that has likely been maintained or improved to a standard that outshines its closest neighbours, offering a sense of relative quality in its micro-market.
Frequently Asked Questions
1. How does this home's value compare to others in East Elmwood?
The assessed value is above average for both the immediate street and the wider East Elmwood area, ranking in the top 18-33% of comparable properties. This suggests it is considered a higher-value home within this specific neighbourhood context.
2. What is the significance of the lot size?
At 4,870 sqft, the lot is larger than the average for both Keenleyside Street and East Elmwood. This offers more private outdoor space, potential for gardening, or future expansion like a shed or deck, which is a relative advantage in this area.
3. Has the property increased in value?
Based on available sales history, the home sold for $380,000 in May 2022, which was a price well above the local averages at that time. This recent sale supports the current above-average assessed value.
4. What does a "renovated basement" typically mean for a home of this age?
In a 1956 home, a renovated basement often includes updated finishes, moisture control measures, and legal egress. It effectively adds functional living or recreational space, which is a significant asset given the modest main-floor square footage.
5. Is the living space sufficient for a small family?
At just over 1,000 sqft on the main floor, the living area is compact. It would be most suitable for a small family, a couple, or an individual. The renovated basement is a key factor, as it provides crucial additional space to make the home more comfortable and functional.