Property Overview: 708 St Mary's Road, Elm Park, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1946, situated on a standard city lot in the established Elm Park neighbourhood. With 728 sqft of living space, it is notably smaller than most homes on its street and in the wider area. The property features a detached garage and an unfinished basement. Its most defining characteristic is its affordability, reflected in a significantly below-average assessed value compared to local and city-wide benchmarks. Recent sale prices have remained stable, indicating a clear and consistent market value.
The primary appeal lies in its position as a genuine entry-point into homeownership in a mature neighbourhood. It suits buyers with a limited budget who prioritize location over size, such as first-time buyers, downsizers, or investors looking for a straightforward rental property. Its smaller scale also translates to lower utility costs and less maintenance. A thoughtful perspective for the right buyer is viewing the unfinished basement not as a drawback, but as a blank canvas for future expansion or storage, adding potential value over time without the premium of a previously renovated price.
Section 2: Frequently Asked Questions
1. Is the house in need of major updates?
The listing notes the basement is "not renovated," suggesting the home is likely in original or functional condition. Buyers should budget for potential updates to mechanical systems, windows, or insulation common for a house of this age.
2. How does the small living area impact daily life?
The floorplan will be efficient and cozy. It necessitates a minimalist lifestyle or creative use of space, but can be ideal for one or two people. The lot size is fairly typical, offering outdoor space to compensate.
3. Why is the assessed value so much lower than the city average?
The assessed value is primarily a function of the home's modest size, age, and basic condition compared to the broader market. It reflects the property's current state rather than the land value alone.
4. What is the Elm Park neighbourhood like?
Elm Park is a long-established, quiet residential area with a mix of older and newer homes. Its appeal is its stability and convenience, not dramatic revitalization. Residents value its mature tree canopy and sense of community.
5. Has the property's value been stable?
Yes. The home sold for the same price in 2020 and 2021, suggesting a well-established market price for what it offers, without the volatility seen in some segments.