Property Overview: 488 London Street, Winnipeg
Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous lot. Built in 1959, the 912 sqft house is modest in size compared to local and city averages, placing it in the lower tier for living area. However, it sits on a 6,046 sqft parcel of land that is significantly larger than most lots in the immediate Munroe East area, ranking in the top 9%. This creates a clear contrast: a smaller, older home on a much larger-than-average plot.
The primary appeal lies in this land potential. For a buyer comfortable with a smaller living space or one looking for a renovation project, the lot offers ample room for expansion, gardening, or outdoor living. The assessed value is notably low, aligning with the home's size and age, which can translate to lower property taxes. Recent sale prices (2022: $250k-$300k; 2024: $300k-$350k) suggest growing market interest.
This property would best suit practical buyers or investors who see value in land over finished square footage. It's a fit for those planning a future expansion, wanting a large yard, or seeking an entry point into the market where the value is underpinned by the lot itself, not the current structure.
Frequently Asked Questions
1. Why is the assessed value so much lower than recent sale prices?
The city's assessment is primarily based on the existing structure's value and age. The recent sale prices reflect the market's premium for the home's large lot size and redevelopment potential, which aren't fully captured in the formal assessment.
2. What does the "below average" living area ranking mean for daily life?
It confirms the home's footprint is compact. Buyers should be prepared for cozier living quarters, typical of many homes from its era, and consider if the layout meets their spatial needs or if renovations would be part of their plan.
3. How significant is the large lot size in this neighborhood?
Very. With a lot size ranking in the top 9% for Munroe East, this property is an outlier. It offers rare space for additions, a large garage, or extensive landscaping in an area where lots are typically more modest.
4. The home is older than most on the street. Should I be concerned?
The 1959 build date means systems like plumbing, electrical, and the roof are likely at or beyond their typical lifespan. A thorough inspection is essential to budget for necessary updates, but this age is also common for the city overall.
5. Are the sold price ranges provided exact figures?
No, the listed prices are estimated ranges from public data. To obtain the precise historical sale prices for this property, you must request them via the provided email service, which supplies verified data.