Property Overview
This well-maintained one-storey home on a quiet street in East Elmwood presents a practical and appealing opportunity. Its key appeal lies in offering above-average space and value for the immediate neighborhood, within a classic, established community setting. The home features 1,024 sqft of living space, a renovated basement, and a detached garage on a standard 4,293 sqft lot. Built in 1956, it sits comfortably above the average year-built for its street. The recent sale price of $370k significantly exceeds its assessed value, indicating strong market demand for homes in this area.
Key Characteristics & Ideal Buyer
The property stands out locally for its generous living area relative to other homes on Manhattan Avenue, ranking in the top 25%. Its assessed value is also strong for the neighborhood, placing in the top 15% in East Elmwood. This suggests a home that is both spacious and perceived as valuable within its community context. The renovated basement adds functional living space.
Its appeal is grounded in neighborhood value. You get more interior space than most nearby homes, in a house that is newer than many on the block, all within a mature area with larger city lots. It suits first-time buyers or downsizers looking for a manageable single-level layout with modernized basics. It would also appeal to value-conscious buyers who prioritize getting more house for their money within a specific community, rather than comparing to city-wide averages where it falls below typical size. The recent sale confirms this localized desirability.
Frequently Asked Questions
1. Why is the sale price so much higher than the assessed value?
Assessed value for property tax purposes often lags behind rapid market changes. The sale price reflects current buyer demand for move-in ready homes in established neighborhoods like East Elmwood, where inventory can be limited.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. A viewing or inquiry with the listing agent is necessary to determine if it's a legal suite, a recreational room, or additional living space.
3. Is the house smaller than the Winnipeg average?
Yes. With 1,024 sqft, it is below the city-wide average living area. However, this is typical for many mature neighborhoods. The key point is that it is actually larger than average for its own street and area, offering good local value.
4. What are the implications of the "detached garage"?
A detached garage offers flexibility and can reduce noise transfer to the house. However, it requires going outdoors in winter. Its condition, size, and potential for conversion or workshop use should be evaluated in person.
5. The home is 70 years old. What should I be concerned about?
While the basement has been renovated, a home of this age may have original major systems, like plumbing, electrical, or the roof. A thorough home inspection is essential to understand the condition and potential upcoming investments.