Property Overview & Key Characteristics
This one-storey home on a generous 5,493 sqft lot in Elm Park presents a classic Winnipeg character home with a renovated basement. Built in 1921, its key appeal lies in its established, leafy neighbourhood and the significant lot size, which is above average for the street. The living area is a practical 1,020 sqft. While the home itself is older, its recent sale history shows substantial value growth over the past seven years. The appeal here is for a buyer who values lot potential and location over a modern, turn-key structure. It would suit a practical renovator, an investor looking for a character property with rental potential (especially with a finished basement), or a buyer seeking a foothold in a desirable area where the land itself is a long-term asset. A less obvious perspective is that, while older, its build year ranks very well compared to newer homes in the wider city, suggesting a solid, enduring structure in a mature area.
Frequently Asked Questions
1. What does the "renovated basement" likely entail?
The listing confirms a renovated basement but does not specify finishes or legal status. Buyers should verify the quality of the renovation, whether it includes a proper bathroom or kitchenette, and confirm it meets all local codes for living space.
2. How significant is the lot size?
At nearly 5,500 sqft, the lot is a standout feature, ranking in the top 35% on the street. This offers excellent outdoor space, garden potential, and future expansion possibilities, subject to zoning and permits.
3. The home is over 100 years old. What should I be most concerned about?
Prospective buyers should prioritize inspections for foundational integrity, outdated wiring or plumbing, and roof condition. The age also suggests character features like original hardwood may be present but could require restoration.
4. The assessed value seems low compared to recent sale prices. Why?
Municipal assessed value for tax purposes often lags behind market value. The 2017 sale at $180k and the 2019 sale at $33.6k indicate a market that has seen shifts; the $33.6k sale may have been a non-arms-length transaction. Rely on a current market evaluation, not the assessment, for pricing.
5. There's no garage. How is parking for this property?
The listing notes no garage. Buyers should check the property for a driveway or dedicated parking pad and investigate typical on-street parking availability in the area, especially during Winnipeg winters.