Property Overview: 720 Lanark Street, Winnipeg
Key Characteristics & Appeal
This home at 720 Lanark Street in the Mathers neighbourhood presents a compelling blend of space, value, and established community. Built in 1957, it sits on a generous 6,468 sqft lot, offering above-average outdoor space for the area. With 1,156 sqft of living area, the interior size is practical and aligns with neighbourhood norms.
The primary appeal lies in its strong value proposition. The property’s assessed value consistently ranks in the top 15-20% when compared to similar homes on its street, in Mathers, and across Winnipeg, suggesting it is viewed as a substantial asset relative to its peers. This is reinforced by its solid sold price history, with sales in 2016 and 2022 both ranking well above area averages. The appeal is not about being the newest or largest, but about offering a balanced, premium-quality holding within its market segment.
This property would suit a value-conscious buyer looking for a established home with a sizable yard in a mature neighbourhood. It’s ideal for someone who appreciates a home with a track record of strong assessed value and who may prioritize land size and long-term equity over a recently built structure. It could also be a fit for those wanting to put down roots in a community without the premium often attached to newer subdivisions.
Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The assessed value is currently $52,900. The home last sold in 2022 for an estimated $450,000-$500,000, which placed it in the top 14-17% of comparable sales at that time. This indicates the market has historically valued this property above its assessed value.
2. Is the lot size a significant feature?
Yes. The lot of 6,468 sqft ranks above average for both the Mathers neighbourhood and city-wide. This provides more private outdoor space than many comparable properties, which is a key asset for gardening, recreation, or future expansion.
3. What does the "above average" ranking for Year Built on Lanark Street mean?
While built in 1957, this home is newer than many on its own street, ranking in the top 22%. This suggests the immediate block features older homes on average, so this property may have relative advantages in terms of infrastructure or design updates compared to its closest neighbours.
4. How stable has the property's value been?
The sales data shows consistent, above-average market performance. Its sale price ranked in the top 25-31% of comparable sales in 2016 and improved to the top 14-17% in 2022, demonstrating a trend of strong value retention and growth relative to its peers over that six-year period.
5. Who should consider requesting the exact sold price history?
Prospective buyers conducting detailed financial analysis or comparing specific value trends over time would benefit from the exact figures. The provided price ranges are useful for general comparison, but exact prices help in understanding precise appreciation rates and negotiating.