Property Overview
This home at 195 Cordova Street in North River Heights is defined by its exceptional space and generous lot. Built in 1928, its primary appeal lies in its substantial scale, offering over 3,170 square feet of living area—placing it in the top 1% of homes locally and citywide. The nearly 6,714 sqft lot is also significantly larger than most in the immediate area, ranking in the top 2% on its street. This combination of a large, classic home on a sizable, established lot is rare. While the assessed value is above average, it reflects this premium offering.
The property would best suit buyers looking for a project-in-waiting or who value space over newness. It’s ideal for a growing family seeking room to expand or adapt over time, or for a buyer who sees the value in the underlying land and proportions of a character home, understanding that a property of this age will likely require thoughtful updates. Its appeal is less about modern finishes and more about long-term potential and established presence in a desirable neighbourhood.
Frequently Asked Questions
What does the "Top 1%" ranking for living area actually mean?
It means this home's interior square footage is larger than 99% of comparable homes in North River Heights and across Winnipeg. With over 3,170 sqft, it offers nearly double the space of the average local home, providing rare room for larger families, home offices, or flexible living arrangements.
The home was built in 1928. What should I consider?
While the structure has stood for nearly a century, a home of this age requires a focus on its major systems. Prospective buyers should prioritize inspections of the foundation, roof, plumbing, and electrical wiring. The charm and build quality can be significant, but budgeting for modernizations is a practical necessity.
How does the sold price compare to the assessed value?
The home sold for an estimated $750k-$800k in July 2024, which is above its $717k assessed value. This is common in active markets, especially for unique properties that don't have direct comparables. The assessed value is for taxation purposes, while the sold price reflects what a buyer was willing to pay for its specific combination of space, lot, and location.
The lot is large, but what are the implications?
A 6,714 sqft lot in this area offers valuable outdoor space and potential. Beyond gardening and recreation, it provides options for future additions, a garage, or landscaping projects that wouldn't be possible on a standard lot. It also contributes to the property's privacy and long-term value.
Is the value here in the house itself or the land?
It's a blend, but the data suggests a strong premium for the existing structure due to its size. While the land is valuable, the home's "top 1%" living area indicates you are paying significantly for the already-built square footage. This differs from a teardown scenario where the land value dominates the price.