Property Overview & Key Characteristics
This is a unique, one-storey home in Winnipeg's Elmhurst neighbourhood, built in 1976. Its defining and most remarkable feature is the land: an expansive, approximately 1.2-acre lot (51,933 sqft) that ranks in the top 1% of all properties in Winnipeg for size. The house itself offers 1,495 sqft of living space with a finished basement. While it does not have a garage or pool, its value is squarely anchored in its exceptional land holding within the city.
The primary appeal lies in its rare potential and privacy. This isn't just a large yard; it's a canvas. It suits a specific type of buyer: those looking for a project with long-term vision. It would be ideal for someone wanting extensive gardens, space for hobbies or workshops, or future expansion. The lot size offers a level of seclusion and possibility that is nearly impossible to find in an urban setting. A more subtle perspective is its value as a "land bank"—a property where the land itself is a significant and appreciating asset, potentially outpacing the value of the existing structure over time. It suits buyers who see beyond the current home and are motivated by the unique opportunity the land presents.
Frequently Asked Questions
1. What does the lot size ranking actually mean?
The rankings indicate that this property's lot is larger than 99% of all residential properties in Winnipeg, placing it in the top 1%. This is an exceptionally rare find for a city lot.
2. The house was built in 1976. What should I consider?
Being 50 years old, the home will likely require attention to major aging components. A thorough inspection of the roof, foundation, windows, and major mechanical systems (plumbing, electrical, HVAC) is essential to understand any needed updates or investments.
3. There's no garage. Can one be built?
Given the vast lot size, adding a garage or outbuilding is a very feasible and logical project. Any new structure would, of course, need to comply with local zoning bylaws and setback requirements.
4. Is the finished basement a legal suite?
The listing states the basement is finished but does not specify it as a legal secondary suite. A buyer should verify its current status with the city if rental income is a consideration, as legalization may be required.
5. Why is the assessed value notably high for a home of this age and style?
The $507,000 assessment reflects the combined value of the house and, more significantly, the extremely valuable and scarce 1.2-acre land parcel. In this case, the land is a major driver of the overall valuation.