Property Overview & Appeal
This well-situated one-storey home on a generous 5,005 sqft lot in Munroe East presents a practical and value-oriented opportunity. Its key appeal lies in a combination of space, recent investment, and strong market performance. The home features a renovated basement, adding valuable finished living space to its 1,012 sqft main floor, and includes a detached garage. Built in 1959, it sits on a lot size that ranks above average for its street and neighbourhood.
The property’s standout characteristic is its compelling value trajectory. It last sold in 2021 for $410,000, a price that ranked in the top 2% for the neighbourhood at the time, indicating buyers have been willing to pay a premium for this specific home or its upgrades. Yet, its current assessed value remains relatively modest at $35,100, which may suggest potential for equity growth or appeal to buyers seeking a home where significant renovations are already accounted for. This home would suit first-time buyers looking for a move-in-ready property with a finished basement, or value-focused investors and homeowners who appreciate a large lot and a home with a recent, successful sales history that outperformed its immediate area.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A professional inspection is recommended to determine the quality of finishes, the state of foundational elements, and whether permits were obtained for the work.
2. How does the 2021 sale price compare to today's value?
The home sold for $410,000 in July 2021, a price that was exceptionally high for the neighbourhood at that time. This suggests the property may have unique features or upgrades that commanded a premium. Current market conditions and any changes since that sale will determine present value.
3. Is the large lot a benefit for future expansion?
The 5,005 sqft lot is notably larger than many in the area. This provides ample yard space and could potentially allow for future additions like a larger garage, a garden suite (subject to zoning bylaws), or simply more private outdoor living area.
4. How does the assessed value impact property taxes?
Property taxes are calculated using the assessed value. With an assessment of $35,100, the taxes are likely to be comparatively lower than homes with similar market values but higher assessments. However, the final tax bill also depends on the municipal tax rate.
5. What is the neighbourhood like?
The home is in the Munroe East area of Winnipeg. The provided data shows a mix of older homes (like this 1959 build) and newer constructions (like a nearby 2022 build), indicating a neighbourhood that is evolving. The strong historical sale price suggests it is a desirable pocket within the larger area.