Property Summary: 7 Oswald Bay, Elmhurst, Winnipeg
Key Characteristics & Appeal
This is a well-established, single-storey home in Winnipeg's Elmhurst neighbourhood, built in 1978. Its primary appeal lies in its generous, mature lot of nearly 6,800 sqft, offering significant outdoor space that is increasingly rare in newer subdivisions. The home features a finished basement and an attached garage, with a functional living space of 1,372 sqft.
The property's standout strength is its relative value and established setting. It ranks within the top 20% of all Winnipeg homes for lot size and the top 20% for assessed value, suggesting it is a substantial property for its price point. This creates an appealing proposition for buyers seeking space and value over a brand-new build. It would particularly suit first-time buyers or downsizers looking for a manageable single-level layout on a private lot, or an investor/renovator who sees potential in the solid foundation of a 1970s home on a large parcel. A thoughtful perspective is that while the interior living area is modest relative to the lot size, this presents an opportunity: the large yard serves as a blank canvas for gardens, play space, or future expansion, making it a property where the land is a key driver of long-term value.
Frequently Asked Questions
1. How does the age of the home (1978) affect things?
While the home is nearly 50 years old, its systems and major components are likely original or have seen updates over decades. A thorough inspection is crucial to understand the condition of the roof, windows, plumbing, and electrical systems, and to budget for ongoing maintenance or modernization.
2. The lot is large, but what about the house size?
At 1,372 sqft, the living space is functional but not expansive. The floor plan's efficiency and the benefit of a finished basement will be key. The appeal here is the balance of indoor space with exceptional outdoor room, which may be a perfect trade-off for those who prioritize yard space.
3. What do the "rankings" actually mean?
They show how this property compares to others in its immediate street, broader Elmhurst community, and all of Winnipeg. For example, ranking in the top 20% in Winnipeg for lot size confirms the lot is a significant asset. The rankings help gauge competitiveness on specific metrics.
4. The 2016 sale price was $385,000; why is the assessed value now $482,000?
The assessed value is the city's estimate for tax purposes, reflecting market trends and changes over eight years. The current list price will be set by the seller based on today's market conditions, recent comparable sales, and the home's updated features.
5. Is the finished basement included in the 1,372 sqft living area?
Typically, municipal living area (sqft) refers to above-grade space only. The finished basement is an additional area that adds functional living space but is not counted in the official square footage figure. Clarify the basement's finish, ceiling height, and layout for a full sense of usable space.