Property Overview
This 1979-built, one-storey home on a spacious 3,827 sqft lot in Elmhurst presents a straightforward value proposition. Its key appeal lies in its relative affordability within the Winnipeg market, underscored by a city assessment below the average sale price from its last transaction in 2017. The home offers 976 sqft of living space and includes an unfinished basement, providing essential utilities and significant storage or future expansion potential.
The property suits first-time buyers or practical investors seeking an entry point into homeownership with a clear, manageable project. Its appeal is grounded in fundamentals: a large lot for the area and a house that, while dated, offers a blank canvas. A less obvious perspective is its positioning within the neighbourhood; it ranks highly for lot size but low for value, suggesting it may be perceived as a land-value play or a candidate for modernization in an area with newer, more valuable homes. It’s a property for those comfortable with a home that currently ranks in the lower tiers of its immediate area for metrics like living space and assessed value, but who see potential in its foundational assets.
Frequently Asked Questions
1. What is the true condition of the home?
The listing notes an unfinished basement and provides no mention of recent renovations. Given its age (47 years) and the fact its last sale was in 2017 for above its current assessed value, buyers should budget for typical maintenance and updates expected of a home from this era.
2. Why is the assessed value lower than the 2017 sale price?
Municipal assessments for tax purposes don't always align directly with market value and can lag behind market shifts. This discrepancy could indicate a correction in the assessed value or reflect specific property conditions. It's a starting point for negotiation, not a definitive market price.
3. Who would this property not suit?
It would not suit buyers seeking a move-in-ready home or those prioritizing immediate equity in a top-ranking area home. The rankings indicate it currently trails most peers in the neighbourhood for size, value, and overall footprint.
4. What are the advantages of the unfinished basement?
While not livable space, it provides direct access to plumbing, electrical, and heating systems for easier inspection and future development. It also offers ample storage, a valuable asset in a smaller, single-storey home.
5. How significant is the lot size?
At 3,827 sqft, the lot is a standout feature, ranking much higher than the home itself within its street and community. This offers valuable outdoor space and is a key asset for future enjoyment, expansion, or redevelopment potential.