Property Overview: 450 Neil Avenue, Winnipeg
Key Characteristics & Appeal
This 1,072 sqft bungalow, built in 1954, presents a compelling opportunity defined by its exceptional lot size. The property’s standout feature is its 8,047 sqft land area, which ranks in the top 1% of the Munroe West neighborhood. This offers rare potential for expansion, gardening, or outdoor living compared to typical area lots. While the living space is modest and the assessed value of $304k is fairly typical for its immediate street, the home holds above-average value within its local area context.
The appeal lies in securing a property where the land itself is the primary asset. It suits a practical buyer looking for a solid footprint in a stable neighborhood, who may be planning a future renovation or addition to capitalize on the generous yard. It’s also a fit for those who prioritize outdoor space over a large interior in the short term. A less obvious perspective is that, for its assessed value, you are acquiring a disproportionately large piece of land for the area, which can be a strategic long-term investment in a city where lot sizes are generally shrinking in newer developments.
Frequently Asked Questions
1. How does this home’s value compare to the area?
The home’s assessed value is above average for the Munroe West neighborhood but around average for Neil Avenue itself. This suggests you are paying a slight premium for the specific location on the street or the property characteristics, like its large lot.
2. What does the "Elite" ranking for land area mean?
It means this property’s lot size of over 8,000 sqft is larger than 99% of other lots in the Munroe West area. This is its most distinguished feature and is uncommon for homes in this price and age bracket in Winnipeg.
3. Is the living space smaller than average?
Within Munroe West, the living area is actually above average. Compared to the city overall, it is somewhat smaller. This indicates the neighborhood may have more compact, character homes, and this property fits that typical profile.
4. What can the past sale prices tell me?
The home sold in 2022 and 2019. The 2022 sale price ranked higher locally than the 2019 sale, indicating possible increased demand or improvements at that time. For exact sale figures, you must request the details via email from the site.
5. What are the possible drawbacks of an older home like this?
Built in 1954, major systems like roof, plumbing, or electrical may be due for updates or replacement. While the lot is a significant advantage, the house itself may require modernization or maintenance consistent with its age, which should be factored into budgeting.