Property Overview: 503 River Road, Minnetonka
Key Characteristics & Appeal
This home at 503 River Road presents a solid, value-oriented opportunity in the Minnetonka neighbourhood. Built in 1974, its 1,401 sqft living space is comfortably sized, ranking around the average for the area, suggesting it’s a practical family layout without being oversized. The true standout feature is the land: a 10,389 sqft lot that places it in the top 16% within Minnetonka and the top 6% city-wide. This offers significant outdoor space, a rarity that provides room for gardens, play, or future expansion.
Its appeal lies in this balance of a manageable home on a premium lot, coupled with a strong assessed value that ranks well above average on its street, in the area, and across Winnipeg. This indicates a property that is viewed favorably in terms of valuation relative to its peers. It would suit a buyer looking for a established neighbourhood character, who prioritizes yard space over a massive interior, and who sees potential in a home that may benefit from updates. It’s a practical choice for a growing family, a downsizer wanting room for hobbies, or a value-conscious buyer who understands that land is a lasting asset.
Frequently Asked Questions
1. How does the home’s size compare to others nearby?
At 1,401 sqft, the living area is slightly below the average for River Road itself (~1,664 sqft) but is very close to the Minnetonka area average. It’s a moderately sized home, typical for its era.
2. What does the "above average" assessed value ranking mean?
The assessed value of $51,500k ranks in the top 24% on River Road and top 21% in Minnetonka. This generally suggests the property is assessed at a higher value than many comparable homes, which can be a marker of perceived worth or specific attributes the assessor recognizes, like its large lot.
3. Is the lot size unusually large?
Yes. The lot is a key feature. At over 10,000 sqft, it is substantially larger than the Winnipeg city-wide average lot. This is a significant advantage for privacy, outdoor activities, or future projects.
4. The home was built in 1974. What should I consider?
As a home from the mid-1970s, prospective buyers should budget for potential updates to major systems like roofing, windows, plumbing, or electrical that may be nearing the end of their service life. A thorough home inspection is advised.
5. Why is there no public sold price history shown?
Detailed sale price history is not always fully disclosed in public records. The listing service offers to provide the exact sold price history manually via email to ensure accuracy and privacy for past transactions.