Property Overview
This 1956-built, one-storey home on a spacious 6,003 sqft lot in Varsity View presents a straightforward opportunity. Its key appeal lies in its generous lot size, which ranks highly within its immediate area, offering significant potential for expansion, gardening, or outdoor living. The recent sale price suggests it is positioned as a more accessible entry point into the established neighbourhood. The home itself is modest in size at 768 sqft, making it a true fixer-upper or a candidate for a full-scale rebuild to suit modern needs.
The property would best suit a practical buyer with a clear vision. This could be a first-time buyer or investor comfortable with a renovation project, someone looking to build a new, custom home on a desirable lot, or even a downsizer seeking a single-level living arrangement who is willing to update the space. Its value is fundamentally in the land and location rather than the existing structure.
Frequently Asked Questions
1. What does the ranking data actually mean?
The rankings compare this property against others on its street, in Varsity View, and across all of Winnipeg. For example, its lot size ranks better than 69% of all Winnipeg properties, which is a strong point. Conversely, its living area is smaller than most, confirming it's a compact home.
2. Is this a teardown?
While not explicitly stated, the combination of a 70-year-old home with below-average living area on a highly-ranked lot strongly suggests it's a prime candidate for a major renovation or complete redevelopment. The value is heavily weighted toward the land.
3. Why did it sell for more than the assessed value?
The recent sale price exceeding the government assessment is common in active markets and often reflects the perceived value of the lot's potential, which may not be fully captured in a standard assessment of the existing structure.
4. What are the less obvious considerations for this property?
A thoughtful perspective is the long-term flexibility the lot size offers—whether for adding a large addition, creating a landscaped retreat, or future subdivision potential, subject to city bylaws. Also, as a one-storey home, it could be adapted for accessibility more easily than a multi-level property.
5. What is the neighbourhood like?
Varsity View is an established, mature neighbourhood near the University of Manitoba. This location typically offers stability, mature tree canopy, and convenient access to amenities and major routes, which adds to the underlying value of the property.