Property Overview: 502 Neil Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 502 Neil Avenue in the Munroe West neighborhood presents a compelling blend of space, value, and location. Built in 1955, it is notably newer than most homes on its street and in the broader area, which may suggest updated building systems or a different architectural style compared to its pre-war neighbors. The key feature is the generous 7,937 sqft lot, which ranks in the top 2% for land size within Munroe West. This offers significant outdoor space and potential not commonly found in the area.
The 1,077 sqft living area is comfortably above the neighborhood average, providing ample room. With an assessed value of $308,000, the property sits above the Munroe West average but below the city-wide average, positioning it as a relatively affordable option for the amount of land and living space offered.
Its appeal lies in this combination: a newer-than-average home on a large, private lot in a well-established neighborhood. It would suit first-time buyers or young families looking for room to grow outdoors without moving to the city's outskirts, or value-conscious buyers who prioritize land size over a brand-new build. The data suggests you're paying a premium for the lot and the home's relative age within the context of Munroe West, but potentially getting more house and land for your dollar compared to the wider Winnipeg market.
Section 2: Frequently Asked Questions
1. How does the 1955 build year affect the home?
Being built in 1955 likely means construction methods and materials differ from both older wartime houses and newer builds. It may feature a more modern layout, like a larger kitchen or an attached garage, compared to many 1920s-1940s homes in the area.
2. What does the "Elite" ranking for Year Built actually mean?
This statistical ranking simply means this home is one of the newest on its street—only 4 out of 108 comparable homes are newer. It doesn't comment on the condition or style, but indicates it's a relative anomaly in an older streetscape.
3. Is the assessed value a reliable indicator of the selling price?
The assessed value ($308k) is for municipal tax purposes. The last sold price (2021) fell between $300k-$350k. Market conditions have changed since then, so a current market evaluation is essential. The assessment does show the property is valued higher than the Munroe West average.
4. What are the implications of such a large lot?
A nearly 8,000 sqft lot in an inner-city neighborhood is rare. It offers privacy, space for gardens, play areas, or additions like a shed or deck. It also potentially means higher maintenance (lawn care, snow clearing) but also greater long-term flexibility and value.
5. How does this home compare to others in Winnipeg for the price?
The data shows its assessed value is below the city-wide average ($308k vs. $390k), while its lot size is significantly above average. This suggests you get more land for your money here compared to a typical Winnipeg property, though the living space is slightly below the city-wide average.