Property Overview & Appeal
This 1921 one-storey home on a large 8,548 sqft lot in Eric Coy presents a distinct opportunity. Its key characteristic is the generous, mature lot, which is significantly larger than most in Winnipeg, ranking in the top 10% for land size city-wide. The home itself is a modest 1,067 sqft bungalow with a finished basement and a detached garage. Its appeal lies in its potential; it's a classic "land value" proposition where the lot is the primary asset. The house, while livable, is over a century old and ranks in the bottom tier for age and assessed value within its immediate area, suggesting it's ripe for updates or redevelopment.
This property would suit a specific type of buyer: a handy homeowner looking for a project on a spacious, private lot, or an investor/developer who sees the underlying value in the land itself. It's not a move-in-ready showpiece but a canvas. A thoughtful perspective is that while the home ranks low on its street for metrics like value and newness, its lot size is a powerful, less common asset that offers long-term privacy and flexibility that newer subdivisions often lack.
Frequently Asked Questions
1. Is this a good value based on the assessment?
The assessed value of $279,000 is notably low for the area, ranking in the bottom 6% of the community. This typically reflects the age and condition of the home rather than the land. The 2019 sale price of $235,000 suggests the market price may be closer to that range, making it an accessible entry point for the lot size.
2. What does the ranking data actually tell me?
The rankings compare this property to others on its street, in Eric Coy, and across all Winnipeg. They highlight a clear story: the lot size is a major strength (top 10% in Winnipeg), while the building itself is aged and modestly valued relative to its surroundings. This data underscores the property's character as a land play with a vintage home.
3. What are the main considerations with a 105-year-old house?
While it has a finished basement, a home from 1921 will likely require ongoing maintenance and updates to major systems like wiring, plumbing, and insulation. Budgeting for these potential costs is essential. The upside is the potential for character and the established, mature neighborhood setting.
4. Who is the typical buyer for this kind of property?
It's best suited for buyers who prioritize outdoor space and future potential over immediate modern finishes. This includes DIY enthusiasts, those planning a long-term renovation, or investors considering the lot's future development potential, subject to zoning.
5. How does the detached garage impact usability?
A detached garage offers flexibility for use as a workshop or storage space separate from the house. However, it is less convenient for daily vehicle access in Winnipeg winters compared to an attached garage, a trade-off common with homes of this era.