Property Overview: 237 Oxford Street, North River Heights, Winnipeg
Key Characteristics & Appeal
This home is defined by its generous scale and substantial lot in the desirable North River Heights neighborhood. Its primary appeal lies in offering significantly more space than most homes, both in the city and the immediate area. With over 3,000 square feet of living area, it ranks in the top 2% of the neighborhood and the top 1% city-wide. The lot, at over 7,200 square feet, is also well above average, providing ample outdoor space.
Built in 1920, the property is notably older than most, which suggests classic architectural character but also implies a need for thorough due diligence regarding updates, maintenance, and systems. The assessed value of $717k reflects its size and location, ranking it well above average across all comparison levels.
This property would best suit buyers who prioritize interior and exterior space over a modern build. It’s ideal for a family seeking room to grow or someone looking for a character home with renovation potential. The high rankings for size and value indicate it’s a substantial property for the area, appealing to those wanting a long-term home in an established community.
Frequently Asked Questions
1. How does the sold price compare to the current assessed value?
The home sold in July 2022 for an estimated $750k-$800k. The current assessed value is $717k. This difference highlights the distinction between a past market price and the city's assessment for tax purposes, which often lags behind market fluctuations.
2. What does the "below average" ranking for the year built mean practically?
Being older than 84-91% of comparable homes means you can expect classic features but should proactively budget for updates. Key considerations would be the age and condition of the roof, plumbing, electrical systems, windows, and insulation, which may not meet modern efficiency standards.
3. Is the lot size a major advantage?
Yes. The lot is in the top 7% for size in North River Heights, which is a significant asset. It offers greater privacy, landscaping potential, and space for additions or outdoor living areas than most properties in the area, adding long-term value.
4. The home is clearly large, but how does its value compare?
While the living area is in the elite top 1-2%, its assessed value ranks slightly lower (top 3-8%). This can sometimes indicate that the price per square foot is competitive for the space offered, or it may reflect the older age of the home. It’s a point for further market analysis.
5. What should I investigate about nearby properties?
The provided data shows a nearby home at 251 Oxford Street with a similar size but a significantly higher assessed value ($926k). Investigating the reasons for this disparity—through condition, renovations, or specific lot advantages—would be crucial to understanding 237 Oxford Street’s market position and potential.