Property Overview & Appeal
This property is defined by its exceptionally large, half-acre lot in the Eric Coy neighbourhood, which places it in the top 1% of all Winnipeg properties for land size. The home itself is a modest 873 sqft, one-storey bungalow from 1970 with a finished basement and a detached garage. Its primary appeal is not the house, but the land. It offers immense potential for expansion, extensive gardening, or simply enjoying significant private outdoor space—a rarity within the city. The lot is its own ecosystem, providing quiet and a sense of retreat.
This home would best suit a buyer with a vision. It’s ideal for someone looking for a starter home with unparalleled future expansion potential, or for a downsizer who still values spacious grounds over a large living area. It also appeals to those seeking a project, whether that’s renovating the existing bungalow or eventually redeveloping the land. The rankings indicate the house itself is dated and smaller than most, so the buyer must value land over immediate move-in luxury.
Key Questions for Consideration
1. What is the true value proposition here?
The value is almost entirely in the land. The price reflects the potential of the lot, not the current state of the 873 sqft dwelling. Consider it an investment in space and future possibilities.
2. Is the house in livable condition, and what are the immediate costs?
Given its age and size ranking, a thorough inspection is crucial. Budget for potential updates to mechanical systems, insulation, or windows to improve comfort and efficiency, as the home likely trails modern standards.
3. What are the possibilities for expanding or rebuilding?
This is the central question. You should investigate zoning bylaws (R1) with the city to understand what can be built, including the potential for a significant addition or a new, larger home that makes full use of the lot.
4. How does the large lot impact maintenance and utility costs?
Consider the practicalities: higher costs for landscaping, snow clearing, and potentially watering. The trade-off for privacy is a greater time or financial commitment to upkeep.
5. Why is the assessed value relatively low compared to the lot's appeal?
Municipal assessments often weigh the existing structure heavily. The low assessment relative to the lot size suggests the system does not fully capture the premium for such a rare, large parcel, which will be determined by the market.