Property Overview
This is a 1947-built, one-storey home in Varsity View on a large 6,296 sqft lot. Its key appeal lies in the significant land size, which is well above average for the area and offers substantial future potential. The house itself is modest, with 572 sqft of living space and an unfinished basement, presenting it primarily as a solid value proposition for specific buyers.
Its strongest suit is the lot, ranking in the top 25% for size across Winnipeg. This makes it a standout candidate for a long-term hold, redevelopment, or expansion. The recent sale price is also notably below the current assessed value, which may indicate an entry opportunity. However, the home is older and quite small, ranking at the very bottom for living area, meaning it requires a buyer comfortable with compact living or a significant renovation project.
This property would best suit a practical buyer, such as an investor looking for a land-value play, a hands-on owner planning a future rebuild or major addition, or a minimalist first-time buyer seeking an affordable entry into the neighbourhood with a clear asset in the land itself. It is less suited for those seeking a move-in-ready home or more interior space.
Frequently Asked Questions
1. Is this essentially a land purchase?
In many ways, yes. The primary value drivers are the large lot and location. The existing structure provides basic shelter but is one of the smallest homes in the city, so future plans should account for renovation or replacement.
2. What does the "ranking" data mean?
It shows how this property compares to others. For example, its lot size is better than 75% of Winnipeg properties, but its living area is smaller than 99% of them. This highlights the trade-off: exceptional land size versus very compact living quarters.
3. Why did it sell below assessed value recently?
This can happen for several reasons, including the home's condition, specific market timing, or the property's unique characteristics (like very small square footage) that appeal to a narrower pool of buyers. It underscores the importance of a current valuation based on your intended use.
4. What are the implications of an unfinished basement?
It provides essential utility space and storage but adds no finished living area. Any future development would require significant investment to excavate and finish, which should be factored into renovation budgets.
5. Is the older building year a major concern?
Built in 1947, the home's major systems (roof, wiring, plumbing) are likely older and should be thoroughly inspected. However, the lot itself is not subject to age-related wear, which remains the property's core asset.