Property Overview & Key Characteristics
This one-storey home at 728 St Mary's Road in Winnipeg's Elm Park neighbourhood presents a specific and practical opportunity. Its key characteristic is its compact size, with a living area of 739 sqft that is notably smaller than most comparable homes in the area, city, and even on its own street. Built in 1927, it offers vintage charm but will likely require updates. The lot size is modest for Elm Park but closer to the citywide average. Interestingly, while the home itself is smaller, its assessed value is consistently around the median benchmark for all comparison groups, suggesting the value is anchored in its desirable location rather than its square footage.
The appeal lies in its efficiency and location. It suits a first-time buyer, downsizer, or pragmatic investor seeking an entry point into a well-established neighbourhood without a large footprint or excessive maintenance. It’s a home for those who prioritize location over size and see potential in a property where the land and neighbourhood contribute significantly to the value proposition. A less obvious perspective is that this smaller, character home could be an opportunity to live more sustainably with lower utility costs and a simpler footprint, all while being part of a mature community.
Frequently Asked Questions
1. Is the basement finished?
No, the basement is noted as existing but not renovated, offering potential for additional living space, storage, or mechanical upgrades.
2. How does the sale price from 2022 relate to the current assessed value?
The home sold for $450k in April 2022, which is significantly higher than its current assessed value of approximately $34k. It's important to understand that municipal assessed value for property taxes is not a market valuation; the market price is determined by current buyer demand.
3. What does the ranking data mean for a buyer?
The rankings show this home is consistently below average in size and age compared to peers, but around average in assessed value. This highlights that you are paying primarily for the location in Elm Park, not for a large or modern structure.
4. What is the parking situation?
The listing specifies there is no garage. Parking would be limited to driveway or on-street, which is a key consideration for potential buyers.
5. Who might this property not suit?
It may not suit buyers looking for a move-in-ready, modern home with ample indoor space, multiple bathrooms, or dedicated parking like a garage. Families needing multiple bedrooms or more living area would likely find it too compact.