Property Summary: 507 Parkview Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in King Edward presents a practical opportunity centered on its generous lot. With 5,425 sqft of land, the property offers significantly more outdoor space than most in its immediate area and neighborhood, ranking in the top 9% locally. The house itself, built in 1954, is modest in size at 926 sqft but features a renovated basement, adding functional living space. A detached garage provides additional storage or workshop potential.
The primary appeal lies in its land value and location-based affordability. Its assessed value is notably above average for both Parkview Street and the wider King Edward area, suggesting strong underlying property value relative to its peers. This combination suits buyers looking for a starter home or a long-term hold with room to grow outdoors, perhaps for gardening, pets, or future expansion. It’s a grounded choice for those who prioritize lot size over a large existing footprint and see potential in a home that has already seen some updates, like the basement.
Section 2: Frequently Asked Questions
1. Is the house smaller than average?
Yes. At 926 sqft, the living area is slightly below the local street average and more notably below the Winnipeg city-wide average for comparable homes. This is offset by the renovated basement and the very large lot.
2. Why is the assessed value higher than many neighbors?
The assessed value ranks in the top 20% on its street and top 17% in King Edward. This is likely driven by the substantial lot size, the renovated basement, and recent market activity in the area, as seen with nearby sales.
3. What does the lot size actually offer?
At over 5,400 sqft, the lot is a standout feature. It provides ample private outdoor space, which is less common in established neighborhoods, and offers flexibility for recreation, landscaping, or potential future additions, subject to zoning.
4. How does the sale history inform the current value?
The home sold in August 2020 for an estimated $255k-$285k. Given that the current assessed value is $321k, this indicates significant appreciation over the past few years, aligning with broader market trends. It’s a useful benchmark for understanding the property’s trajectory.
5. Who would this property not suit?
It may not suit buyers seeking a move-in-ready home with modern, open-concept layouts or those needing substantial above-grade square footage immediately. The appeal is more for those comfortable with a compact main floor who value the long-term asset of a large lot in a central location.