Property Overview
700 Buckingham Road is a well-established, one-storey home in Winnipeg's Eric Coy neighbourhood. Built in 1950, its primary appeal lies in its generous, nearly 10,000 sqft lot, offering exceptional outdoor space that is rare to find within the city. The home itself features 1,496 sqft of living space and includes a finished basement and a detached garage. Recent data shows it sold for $310,000 in August 2024, below its current assessed value of $333,000.
This property suits buyers looking for a solid, no-frills home where the land is the main asset. It’s ideal for someone with a vision for gardens, outdoor recreation, or future expansion, who is comfortable with a home that requires updates. The strong city-wide ranking for lot size (top 7%) contrasts with its more modest rankings for modernity and assessed value within its immediate area, suggesting a property whose true potential is tied to its land rather than its current structure.
Key Considerations & FAQs
1. What does the ranking data actually tell me?
The rankings compare this property to others on its street, in Eric Coy, and across all of Winnipeg. The standout figure is its lot size, which is in the top 7% city-wide. However, its age and assessed value rank much lower within its own community, indicating it's an older home on a premium-sized lot in a neighbourhood with a mix of property types and values.
2. Is the finished basement a legal suite?
The listing notes a finished basement but does not specify it as a legal secondary suite. Buyers interested in rental income or a separate living space should verify its status with the city and ensure it meets all safety and zoning requirements.
3. What are the implications of such a large lot?
A 9,748 sqft lot provides wonderful space but also comes with responsibilities. Property taxes, maintenance (like lawn care or snow clearing), and potential landscaping costs will be higher than for a standard lot. It also may offer future opportunities like adding a garage, workshop, or even subdividing, subject to municipal bylaws.
4. The home sold for less than its assessed value. What does that mean?
The recent sale price of $310,000 being below the $333,000 assessment can indicate a few things: a motivated seller, a buyer's market at the time, or that the assessed value hadn't fully adjusted to market conditions. It does not automatically mean a "bargain," but it's a useful data point for negotiation and understanding local market dynamics.
5. Who would this neighbourhood, Eric Coy, appeal to?
Eric Coy offers a mature, established setting. The rankings show the home itself is older than most in the area, suggesting a community with a range of home ages and styles. It likely appeals to those seeking a quiet, residential feel with larger lot sizes, without being in a distant suburb. Proximity to schools, parks, and major routes would be key points to investigate further.