Property Overview
This is a unique, one-storey home on an exceptionally large lot in the established Royalwood neighbourhood. Built in 1945, the 709 sqft house presents a classic fixer-upper opportunity, with an unrenovated basement and no garage. Its defining and rare characteristic is the land: at over 224,000 sqft (approximately 5.15 acres), the property size ranks in the top tier for Winnipeg. While the home itself is modest and dated, the appeal lies squarely in the potential of the vast, private grounds. This property would suit a buyer looking for a long-term project—whether that’s a major renovation, a custom rebuild, or simply securing a large, tranquil parcel of land within the city. It’s a trade-off: accepting an older, smaller home to gain extraordinary outdoor space and future possibilities that are nearly impossible to find in Winnipeg today.
Key Considerations & FAQs
1. What does "unrenovated basement" typically mean for a home of this age?
In a 1945 home, this usually indicates a basic, functional cellar space. It likely has concrete walls and floors, with utilities exposed. It may be suitable for storage or a workshop but would require significant investment to be finished as living space, including potential moisture management and code updates.
2. The assessed value seems low compared to the lot size. Why is that?
Municipal assessments primarily reflect the current value of the improvements (the house and any outbuildings) and the land as it is currently zoned and used. The very low assessment on this large lot suggests the assessor sees the existing home as having minimal contributory value, placing the property's worth almost entirely on the land itself in its current state.
3. What are the less obvious costs or challenges with such a large lot?
Beyond the obvious renovation costs, consider ongoing property tax increases after any significant improvement, higher costs for landscaping or fencing, and potential maintenance like tree care or drainage management. The sheer size also means future development (like adding an outbuilding) would require careful planning and permitting.
4. How does the older age of the home affect insurance and utilities?
Insurance premiums can be higher for older homes, especially with outdated electrical, plumbing, or heating systems. Utility costs may also be elevated due to lower original insulation standards and aging appliances/furnaces, which should be factored into the renovation budget.
5. The comparable listings show much newer, larger homes. Is this a fair comparison?
The listed "similar assessed value" properties are comparable only in their municipal assessment figure, not in type. They are typically standard-sized residential lots. This property is an outlier. Its true market value will be determined by what a buyer is willing to pay for a massive lot, not by its current assessment or by comparing it to typical suburban homes.