Property Overview
54 Millfield Drive is a 960 sqft bungalow built in 1953, situated on a 7,685 sqft lot in Winnipeg's Minnetonka neighbourhood. Its key characteristics are defined by how it compares locally and city-wide. The home has a below-average living area for its immediate street and broader area, but its lot size is notably larger than the Winnipeg average. With an assessed value of $37,500, it sits below the average for Millfield Drive but is more aligned with averages in Minnetonka and across the city. The property last sold between $300k-$350k in 2017.
Section 1: Key Characteristics & Appeal
Key Characteristics:
This is a modest, older home on a generously sized lot. Its interior space is compact, ranking below most peers in the area, but the property gains significant value from its land. The lot is over 20% larger than the city-wide average, offering ample outdoor space. The assessed value is relatively low for the street, suggesting a potentially lower property tax burden compared to immediate neighbours.
Where Its Appeal Lies:
The primary appeal lies in its land-to-structure ratio. The large lot presents opportunities for gardening, expansion, or future redevelopment, which is increasingly rare in the city. It’s a classic "value-in-the-land" proposition. The home itself represents an affordable entry point into the Minnetonka area, likely appealing to those willing to update or renovate an older, character property. Its previous sale price indicates it has been a viable home for modern living, despite its smaller size.
Ideal Buyer Profile:
This property would best suit a practical first-time buyer, a downsizer looking for manageable indoor space with a large yard, or an investor/renovator who sees potential in the substantial lot. It’s for someone who prioritizes land and location over immediate move-in condition and square footage. A buyer with a vision for updates or an addition could significantly increase the home’s value.
Section 2: Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The assessed value ($37,500) is used for calculating property taxes and is typically much lower than the market value, which is what a buyer would pay. The 2017 sale price of $300k-$350k is a better indicator of its market value.
2. What does the lot size ranking mean for me?
Ranking in the top 13% city-wide for lot size means this property has a larger yard than 87% of comparable homes in Winnipeg. This is a standout feature for privacy, outdoor activities, or future projects, though the lot is smaller than others on Millfield Drive itself.
3. As a smaller home, will it feel cramped?
At 960 sqft, it is notably cozier than the area average. It would suit individuals, couples, or small families comfortable with efficient living spaces. The large lot can functionally extend your living area outdoors in warmer months.
4. What are the implications of the home being built in 1953?
Homes of this age often have solid construction but will likely require updates to mechanical systems (like plumbing or electrical), windows, and insulation. A thorough inspection is essential. It also means the neighbourhood is well-established with mature trees.
5. Why is the assessed value so much lower on this street?
The home’s assessed value is below the street average, likely due to its smaller living area and age compared to neighbours. This can be an advantage, potentially resulting in slightly lower property taxes than other homes on the block, even if market values are similar.