Property Summary: 271 Elmhurst Road
Section 1: Key Characteristics & Appeal
This is a classic, single-story home in the established Varsity View neighbourhood. Built in 1955, its key features include a fully finished basement and a generous 5,381 sqft lot, which is notably larger than many in the area. The home itself is modest in size at 726 sqft of living space, presenting a straightforward layout.
Its primary appeal lies in its location and land value. Situated on a large lot in a mature, central community, it offers a rare opportunity for infill development or significant expansion, subject to city bylaws. For a buyer not needing a large existing footprint, the property represents a chance to secure a prime location with future potential. It would suit a practical first-time buyer comfortable with a smaller home, an investor eyeing the redevelopment potential of the lot, or someone looking to enter a desirable neighbourhood with the intention of a future major renovation or rebuild. The recent sale in late 2023 suggests a market-tested value, and the home’s condition likely reflects its age, appealing to those with a vision rather than a move-in-ready expectation.
Section 2: Frequently Asked Questions
1. What does the "fully finished basement" entail?
Given the home's age and size, the basement finish is likely functional, adding valuable living or utility space. A viewing is essential to assess the ceiling height, layout, and finish quality, as standards have changed significantly since 1955.
2. Is there potential to add a garage?
The large lot size certainly allows for the possibility of adding a detached garage or carport, subject to Winnipeg zoning regulations and setback requirements. The lack of an existing structure provides a blank slate for planning.
3. How does the recent sale price compare to the city assessment?
The home sold for $332,000 in November 2023, which is approximately $41,000 above its current assessed value of $291,000. This indicates the market price for the property's specific combination of lot and location exceeded the city's valuation at that time.
4. What are the immediate neighbourhood advantages?
Varsity View is prized for its proximity to the University of Manitoba, major transportation routes, and mature tree-lined streets. The property's rankings show it outperforms most of Winnipeg overall but is more average within its own sought-after community, highlighting the area's consistent desirability.
5. What should I consider regarding the home's age and size?
The 726 sqft main floor living area is compact. Buyers should thoughtfully consider if the layout and room sizes work for their needs or if they are planning for an addition. Systems like plumbing, electrical, and the roof will be at or beyond their typical lifespans, so budgeting for updates is a prudent consideration.