Property Overview
This home at 167 Reay Crescent presents a compelling opportunity centered on its generous lot size. Built in 1974, the 1,180 sqft house sits on an 8,222 sqft property—a standout feature that ranks in the top 10% on its street and a remarkable top 4% within the Valley Gardens neighborhood. While the living space and assessed value ($362k) are generally around or slightly above local averages, the true appeal lies in the land itself. This creates a unique value proposition: you're acquiring a property with above-average land potential in a well-established area, without the premium typically attached to a larger or fully renovated house.
The property would suit a practical buyer who sees potential. It's ideal for someone wanting space for gardens, recreation, or future expansions like a shed, deck, or addition. It also fits the first-time buyer or investor looking for a solid entry into a mature Winnipeg neighborhood, where the value is underpinned by the lot rather than fleeting interior finishes. It's less suited for those seeking a move-in-ready, modern open-concept home without any projects.
Frequently Asked Questions
1. Is the assessed value a good indicator of the likely selling price?
The assessed value of $362k is above the immediate street and neighborhood averages, but below the Winnipeg city average for comparable homes. It's a useful benchmark for taxes, but the market price will be influenced by current demand, the home's condition, and the high desirability of the large lot.
2. How does the age of the home (1974) affect things?
Being built in 1974 means the home is older than many on its street (ranking in the top 25% for age there). Buyers should budget for standard maintenance and updates expected of a 50-year-old property. However, it also means the home is from an era of generally solid construction and is situated in a long-established, stable neighborhood.
3. What are the real benefits of such a large lot?
Beyond simple bragging rights, a lot of this size (over 8,200 sqft) offers rare flexibility in this area. It provides ample private outdoor space, significant potential for landscaping or gardening, and room for future upgrades like a larger garage, workshop, or sunroom. It also may offer better privacy and distance from neighbors compared to standard lots.
4. The living area seems average. Is the house too small for the lot?
The living space is consistent with the neighborhood, creating a balance. For some, it represents an opportunity: the lot size allows for a future addition to increase living space without the property feeling overcrowded. For others, it confirms that the current value is primarily in the land, not a sprawling interior.
5. How does this property rank compared to others in Winnipeg?
The rankings show a clear story: its strength is the lot size (top 10% citywide). The living area, age, and value are all around the city's median (42nd to 52nd percentile). This indicates you are getting a very typical Winnipeg house in most measurable ways, but on a substantially larger-than-typical piece of land for the area.