Property Overview: 27 Westham Place, River Park South, Winnipeg
Key Characteristics & Appeal
This 1986-built home in River Park South presents a practical opportunity with a distinct value proposition. Its key characteristic is a balance between a modestly sized, efficient living space (899 sq ft) and a generously sized, above-average lot (6,866 sq ft). While the home's interior square footage is below average for the street, neighborhood, and city, its assessed value of $404K sits comfortably around the Winnipeg average, suggesting the land itself contributes significant value.
The primary appeal lies in its potential. The large lot offers room for expansion, gardening, or outdoor living—a notable advantage in a mature neighborhood. It suits first-time buyers or downsizers seeking a manageable home with lower maintenance costs, without sacrificing outdoor space. It also appeals to value-oriented buyers or investors who see the land as a long-term asset and are comfortable with a home that may require updates. A thoughtful perspective is that this property represents a "blank canvas" scenario; its value is less about current finishes and more about the possibilities the lot affords, making it a strategic purchase rather than a move-in-ready dream home.
Frequently Asked Questions
1. Is the house too small?
At 899 sq ft, the living area is below average for the area. This makes it a compact, efficient layout best suited for individuals, couples, or small families who prioritize low utility and maintenance costs over spacious interiors.
2. Why is the assessed value relatively high for a smaller home?
The assessed value of $404K is driven significantly by the large, above-average lot size. In mature neighborhoods, land value often constitutes a major portion of a property's worth, indicating the potential is in the land itself.
3. How does the lot size compare to others?
The lot is a standout feature. At 6,866 sq ft, it ranks in the top 14% within River Park South, offering substantially more outdoor space than the neighborhood average (5,447 sq ft).
4. What is the historical price context?
Public records show it last sold between $300K-$350K in April 2016. This indicates substantial appreciation, aligning with broader market trends. Exact sale figures require a manual lookup from the provider.
5. What are the possible next steps for a buyer?
Given the home's size and era, a pre-purchase inspection is highly advisable to budget for any necessary updates. Prospective buyers should also investigate zoning bylaws to understand the full potential of the large lot for future renovations or additions.