248 Riel Avenue

Property Overview: 248 Riel Avenue, Winnipeg

Key Characteristics & Appeal

This home on Riel Avenue in Minnetonka is defined by a rare and valuable combination: a generously sized house on an exceptionally large lot. With 1,736 sqft of living space, the home is significantly larger than most in its immediate area and across Winnipeg. Its true standout feature, however, is the land. At over 22,000 sqft, the lot size ranks in the top 1% compared to homes on its street, in Minnetonka, and city-wide. This offers unparalleled potential for privacy, gardening, expansion, or future development, setting it apart from typical suburban lots.

The appeal lies in this unique balance of a comfortable, above-average sized home from 1960 on a truly expansive, park-like property. It suits buyers who prioritize outdoor space and long-term potential over a recently built home. It’s an ideal fit for families seeking room to grow, multi-generational living possibilities, or anyone with hobbies or pets that benefit from extensive yard space. The assessed value is notably high for the street, reflecting these premium characteristics. While the home itself is older, its size and, most importantly, the scale of its land present a compelling opportunity not commonly found in the market.

Frequently Asked Questions

1. What does the "Elite" ranking for Land Area actually mean?
It means this property's lot size of 22,134 sqft is larger than 99% of comparable homes on Riel Avenue, in the Minnetonka area, and across the entire city of Winnipeg. It is a truly exceptional parcel of land.

2. The home was built in 1960. What should I consider?
While the living space is ample, a home of this age will likely require updates to its major systems (like plumbing, electrical, and HVAC) and interior finishes. The value proposition here is the land and the existing home's footprint; budget accordingly for modernization to suit your taste and needs.

3. How does the high assessed value impact property taxes?
A higher assessed value typically results in higher municipal property taxes. The assessed value of $52.50k is in the top 3% on its street, so you can expect the tax bill to reflect this premium valuation compared to neighboring properties.

4. The sold price history shows a significant jump between 2019 and 2021. Why?
The increase from the $350k-$400k range in 2019 to $500k-$550k in 2021 likely reflects the strong market conditions of that period and may also indicate significant improvements made to the property between those sales. For the exact sold prices, you can request the information via the provided email service.

5. What are the potential uses for such a large lot?
Beyond a spacious backyard, possibilities could include adding a large garage or workshop, creating separate garden or recreational areas, or even exploring future subdivision potential (subject to strict city zoning and approval processes). The lot offers exceptional flexibility.