Property Overview
This home at 751 Lanark Street in Winnipeg’s Mathers neighbourhood stands out for its substantial lot size and strong assessed value relative to its surroundings. Built in 1957, the 1,434 sqft house sits on an exceptionally large lot of over 10,300 sqft, placing it in the top 5% of lots on its street and the top 2% within Mathers. Its assessed value of $63,800 ranks even higher, in the top 3% locally, suggesting official valuation significantly above area norms. The living space is comfortably above average for the immediate area. The property last sold in the $550k-$600k range in 2021.
Key Characteristics & Appeal
The primary appeal of this property is its land. The lot size is a rare find for the area, offering ample outdoor space, potential for expansion, or simply a greater sense of privacy—a feature that is increasingly difficult to find in established city neighbourhoods. While the house itself is from the late 1950s and of above-average size for the street, the standout metrics are its elite-tier assessed value and land area. This creates an interesting dynamic: you are acquiring a home with a very high potential value (as indicated by its assessment and large lot) that may not yet be fully realized in the existing structure.
This property would suit a buyer who values space over a turn-key modern finish. It’s ideal for someone with a vision for landscaping, gardens, or future renovations who understands the long-term value of securing a large parcel of land in a mature neighbourhood. It could also appeal to an investor or builder who sees the underlying land value and potential for redevelopment, given the significant disparity between the lot size and the era of the home.
Frequently Asked Questions
1. Why is the assessed value so high compared to nearby homes?
The assessed value is likely elevated due to the property's exceptionally large lot size, which is a major factor in valuation. Its above-average living area and the sale price from 2021 also contribute to this above-norm assessment.
2. What does the large lot size practically allow for?
Beyond generous yard space, a lot of this scale (over 10,300 sqft) could potentially accommodate additions like a large garage, workshop, or significant home extension, subject to local zoning and bylaws. It offers rare potential for subdivision or redevelopment, which should be investigated with the city.
3. The home was built in 1957. What should I consider?
Buyers should budget for updates consistent with a home of this age, such as roofing, windows, plumbing, or electrical systems. A thorough inspection is essential to understand the condition and any needed maintenance or modernization.
4. How does the 2021 sale price relate to today’s value?
The $550k-$600k sale price from 2021 is a historical data point. Current market conditions, changes to the property, and broader economic factors mean the present value may be different. It serves as a reference, not a current appraisal.
5. Where can I see more context about this specific location?
For detailed maps and comparisons with nearby houses regarding year built, size, and value, you can open the dedicated neighbourhood analysis page for this property.