Property Overview
63 Woodfield Bay is a compact, renovated bi-level home in Winnipeg's Elmhurst neighborhood. Its primary appeal lies in being a more affordable, low-maintenance entry point into the city's housing market. With 936 square feet of living space, a renovated basement, and a modest 4,000 sqft lot, it represents a practical rather than a spacious offering. The home is newer than many on its specific street, built in 1981. Its assessed value is notably lower than the Elmhurst average, positioning it well for budget-conscious buyers. This property would suit first-time buyers, downsizers, or investors seeking a straightforward, updated property with lower carrying costs. It’s for those who prioritize financial accessibility and a renovated condition over square footage or a large yard.
Key Questions & Answers
1. Is this a good value for the Elmhurst area?
Based on assessed value, this home is priced significantly below the neighborhood average. You are paying primarily for the renovated condition and location, not for square footage or land size, which are below area norms.
2. What does the ranking data actually tell me?
The rankings show this home is smaller and on a smaller lot than most in Elmhurst and even on its own street. However, it is a newer construction than many immediate neighbors. This suggests a trade-off: less space, but potentially fewer age-related issues than some nearby homes.
3. Who might this property not suit?
It may not suit buyers needing multiple bedrooms, dedicated home office space, or those who desire extensive outdoor areas for gardening or recreation. The compact living area and lot size require efficient use of space.
4. The last sale was in 2017 for $26.5k. What does that indicate?
That sale price is far below the current assessed value of $35.2k. This typically indicates a prior sale that was not an arms-length transaction (such as between family members) and should not be used as a benchmark for current market value.
5. What are the less obvious considerations?
The "renovated basement" adds crucial living space to a smaller main floor. Also, while the lot is modest, it requires less upkeep. Finally, an assessed value that is average citywide but below average locally can signal an opportunity to get into a neighborhood at a lower entry point, with property taxes likely reflecting the lower assessment.