Property Overview & Key Characteristics
This home at 43 Richfield Avenue in Winnipeg's Meadowood neighbourhood stands out for its exceptional lot size and above-average living space. The nearly 1,700 sqft house is situated on an exceptionally large lot of approximately 28,664 sqft (over half an acre), which ranks in the top 1% of properties both in Meadowood and city-wide. This creates a rare opportunity for privacy, expansion, or outdoor recreation that is uncommon in an urban setting. Built in 1975, the house itself is of a typical vintage for the area but offers more interior space than most comparable homes nearby.
Its primary appeal lies in this unique combination: a generously sized family home on a truly substantial piece of land. The property's assessed value is also notably high relative to its immediate neighbours and the broader area, reflecting these standout features. It last sold in the 2020-2021 period for an estimated $450k-$500k.
This property would best suit buyers who prioritize land over a brand-new build. It’s ideal for those seeking space for gardens, play, or future additions, or who simply value a greater sense of separation from neighbouring homes. It would also appeal to value-conscious buyers looking for a home with clear, quantifiable advantages (lot size, living area) over its peers, rather than a recently renovated turn-key property.
Frequently Asked Questions
1. What does the lot size actually mean for a buyer?
Beyond just a large yard, a lot of this scale (ranking in the top 1% in the city) offers uncommon potential. It provides room for significant additions like a large garage, workshop, or garden, while also ensuring greater privacy and noise buffering from the street and neighbours.
2. The house was built in 1975. What should I consider?
While the living space is ample, a home of this age will likely require updates to key systems like plumbing, electrical, windows, and insulation. A thorough inspection is essential to understand the condition and to budget for any necessary modernizations or maintenance.
3. Why is the assessed value so much higher than neighbours'?
The assessed value reflects the property's standout characteristics—specifically its very large lot and above-average square footage—compared to typical homes on the street and in Meadowood. This suggests the municipal assessment recognizes its premium attributes.
4. How does the last sold price (2020) relate to today's value?
The $450k-$500k sale price from 2020 is a historical data point. Current market conditions, interest rates, and any changes made to the property since then will determine its present value. It serves as a reference, but not a definitive current price.
5. What are the potential trade-offs of such a large lot?
A lot this size means higher property taxes (linked to assessed value) and significantly more yard maintenance. Buyers should factor in the ongoing cost and time required for landscaping, snow clearing, and general upkeep of the extensive grounds.