Property Overview: 487 Ferry Road, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1948, presents a practical opportunity in Winnipeg's King Edward neighbourhood. Its key appeal lies in its balance of a modest, manageable footprint with a notably generous lot. At 912 sqft, the living space is typical for the immediate area but sits below the city-wide average, suggesting a cozy, efficient layout. The standout feature is the 4,288 sqft land area, which is larger than most lots on Ferry Road and in the neighbourhood, offering valuable outdoor space for gardening, play, or future expansion.
The home’s assessed value is positioned below average across all comparisons—street, neighbourhood, and city. This, combined with its recent sale history, indicates it is a more accessible entry point into the market. It would suit first-time buyers or practical downsizers looking for a lower-barrier investment in a central neighbourhood, with the land representing a significant portion of the property's value. The detached garage adds functional utility. A thoughtful perspective for buyers is to see the property not just for its current interior space, but for the potential inherent in its sizable lot, whether for personal outdoor use or as a long-term asset.
Section 2: Frequently Asked Questions
1. Is the house in need of major updates?
Given its 1948 construction and below-average assessed value, buyers should budget for potential updates. The interior square footage is modest, so renovations could be focused but are likely a consideration for modern comfort and efficiency.
2. How does the lot size compare to nearby properties?
The land area is a key advantage. At 4,288 sqft, it is above average for both Ferry Road and the King Edward neighbourhood, offering more private outdoor space than many surrounding homes.
3. What is the neighbourhood like?
King Edward is a mature, central Winnipeg neighbourhood. The close proximity of similar homes on standard lots suggests a stable, established residential street character.
4. Why is the assessed value consistently below average?
The below-average assessment across street, neighbourhood, and city comparisons is likely due to the combination of the home's smaller living area, its age, and potentially its condition or original features relative to the broader market.
5. Can I get the exact historical sale prices?
The listed sale prices are estimated ranges from public data. The exact sale prices are available by request directly from the listing source, which provides them via a manual email process.