Property Overview: 691 Elmhurst Road
Key Characteristics, Appeal & Ideal Buyer
This one-and-a-half storey home, built in 1915, sits on a generous 8,088 sqft lot in Winnipeg's Elmhurst neighborhood. Its primary appeal lies in a combination of established character and solid relative value within the broader market. The home features 1,255 sqft of living space, a finished basement, and a detached garage.
The property's standout strength is its land. The lot size ranks in the top 11% city-wide, offering rare space and potential in a mature area. While the home itself is historic, it presents an opportunity for buyers interested in a property where the land may hold as much value as the structure. Its market performance shows consistent value retention, with assessed value ranking higher than most of Winnipeg, suggesting a stable investment in a well-located parcel.
This home would best suit a pragmatic buyer who values space and location over modern finishes. It's ideal for someone comfortable with the upkeep of a century-old home or who sees potential in a property where the large lot allows for future expansion, gardening, or simply ample private outdoor space. It appeals to those looking to enter a mature neighborhood with a property that has outperformed most of the city in terms of lot size and assessment value.
Frequently Asked Questions
1. What does the ranking data actually mean?
The rankings compare this property to others on its street, in Elmhurst, and across all of Winnipeg. For example, being in the "top 11%" for lot size in Winnipeg means 89% of city properties have smaller lots. Conversely, its 1915 build date places it in the "top 90%" for age, meaning it's older than 90% of Winnipeg homes.
2. Is a house this old a concern?
A 111-year-old home requires a different mindset than a new build. While it offers character and proven durability, prospective buyers should prioritize a thorough inspection to understand the condition of major systems (plumbing, electrical, foundation) and plan for ongoing maintenance, which is typical for homes of this era.
3. The assessed value is higher than the last sale price. What does that indicate?
The current assessment of $389,000 is higher than the 2019 sale price of $350,000. This can reflect market appreciation, municipal assessment methods, or improvements made. It's a useful benchmark for taxes and general value but does not dictate future sale price.
4. Who might this property not be suitable for?
It may not suit buyers seeking a modern, move-in-ready home without projects, or those wary of the maintenance a century-old house requires. The floor plan and room sizes may also differ from contemporary expectations.
5. How significant is the lot size?
Very. An 8,088 sqft lot is substantially larger than average in Winnipeg. This is a key asset, offering privacy, space for recreation, gardens, or future additions like a deck or garage. It's a feature that is increasingly difficult to find in established neighborhoods.