Property Summary: 503 Elmhurst Road
Key Characteristics & Appeal
This is a well-situated, single-storey home on a very large, mature lot in the Elmhurst neighborhood. Its primary appeal lies in its generous 9,145 sqft property, which offers significant outdoor space and ranks in the top 15% for lot size within its community. The home itself is a modest 1,048 sqft bungalow from 1964, featuring a finished basement. It presents a clear value proposition, with an assessed value notably lower than most in the area, suggesting potential for buyers comfortable with a home of its era.
The property would suit a practical buyer looking for land over lavish living space. It’s ideal for someone who values a large yard for gardening, recreation, or future expansion more than a recently built or large interior. It could appeal to first-time buyers seeking entry into a stable neighborhood, or to downsizers wanting single-level living without a tiny lot. A thoughtful perspective is that while the house ranks average or below for its age and size compared to neighbors, the exceptional lot size offers a unique and less replaceable asset in an established area.
Frequently Asked Questions
1. What does the ranking data actually mean?
The rankings show how this property compares to others in its immediate street, neighborhood, and all of Winnipeg. For example, its lot size is in the top 8% city-wide, meaning it's larger than 92% of Winnipeg lots. Conversely, its assessed value is in the bottom 14%, meaning it's valued lower than most.
2. Is the older age of the home (1964) a concern?
While the home is older, it has been maintained. The finished basement adds usable space. Buyers should budget for standard upkeep expected of a 60-year-old home and consider a thorough inspection to understand the condition of major systems like roof, plumbing, and wiring.
3. What are the advantages of such a large lot?
The oversized lot provides rare privacy and space in a city setting. It allows for extensive landscaping, gardening, adding a detached garage or workshop, or simply ample room for children and pets to play. It also represents long-term value, as land is a finite resource.
4. There's no garage. Can one be built?
Given the substantial lot size, there is likely ample room to add a detached garage or carport, subject to local zoning bylaws and permit approvals. This is a key opportunity to add value and functionality for a new owner.
5. Why is the assessed value so much lower than other homes nearby?
The assessed value reflects the property's current state as a smaller, older home on a valuable piece of land. It indicates the municipal assessment sees more value in the land itself than the existing structure, which can mean a lower property tax base but also highlights the potential for the right buyer.