Property Overview: 523 Ferry Road, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Ferry Road in King Edward is a compact, no-frills property that presents a clear value proposition. Its key characteristic is its modest 700 sqft living area, which is smaller than most homes in the neighbourhood and city. Built in 1948, it sits on a decently-sized lot of over 4,200 sqft, which is above average for the immediate area. The home has a detached garage and no basement.
Its appeal lies in its affordability and land potential. With an assessed value significantly below the city average, it represents a lower barrier to entry into the Winnipeg market. The lot size is a standout feature, offering space for gardening, expansion, or future redevelopment in a mature neighbourhood. This property would suit first-time buyers, investors, or downsizers seeking a manageable footprint without a large mortgage. It’s a practical choice for those who value land over living space in its current configuration and are comfortable with a home that may require updates or creative use of its generous yard.
Section 2: Frequently Asked Questions
1. Is the sold price from 2021 still relevant today?
While the 2021 sale gives a historical benchmark, market conditions have changed. The assessed value provides a more current, though not infallible, indicator for municipal taxation purposes. For an accurate current market value, a comparative market analysis with a local agent is essential.
2. What does "no basement" mean for storage and utilities?
All living space and mechanical systems (like the furnace and water heater) are on the main floor. This can be advantageous for accessibility but requires thoughtful planning for storage. The detached garage and the potential to add a shed become more important for storage solutions.
3. How does the smaller living area compare to nearby homes?
At 700 sqft, the home is notably cozier than the neighbourhood average (~952 sqft). This emphasizes efficient use of space and suggests a simpler, easier-to-maintain layout, which can be a benefit for some lifestyles despite the smaller size.
4. What are the implications of the larger-than-average lot?
The lot is a significant asset. It provides more outdoor privacy and space than many neighbouring properties. For a buyer, this could mean room for additions, a large garden, or simply a more generous yard. It's a feature that adds long-term value and flexibility.
5. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects a combination of the home's smaller size, age, and specific location within the city's broader market. It indicates this is a more affordable property segment, not necessarily the condition. Taxes will be based on this lower assessment, which is a financial positive for the owner.