Property Overview: 316 Lynbrook Drive
Key Characteristics, Appeal & Ideal Buyer
This 1954 bi-level home in Varsity View sits on a large, 7,444 sqft lot, offering a significant outdoor space that ranks in the top 14% for size across Winnipeg. Its key features include a finished basement and a split garage. The home’s primary appeal lies in its established, spacious setting within a mature neighbourhood. While the living area (784 sqft) is modest, the property’s value is anchored by its generous land parcel—a less obvious but substantial asset in an urban area. The 2019 sale price of $280,000, compared to a current assessed value of $357,000, suggests market movement, though this should be verified.
This property would suit a practical buyer who values land over a large interior footprint. It’s ideal for someone comfortable with a home from the 1950s, potentially looking for a long-term project, or who prioritizes private outdoor space for gardening, play, or future expansion. It may also appeal to an investor considering the lot’s redevelopment potential, given its high land-value ranking in the city.
Frequently Asked Questions
1. What does the ranking data actually mean?
The rankings show how this property compares to others in its immediate street, the broader Varsity View community, and all of Winnipeg. For example, its land size is in the top 14% city-wide, while its living area is smaller than most homes in Winnipeg.
2. Is the finished basement included in the 784 sqft living area?
Typically, the listed living area (784 sqft) refers to above-ground, finished space. The finished basement would be additional square footage, but its specific size and condition should be confirmed with a listing agent or inspection.
3. What are the implications of a 1954 build year?
While offering classic character and a mature lot, a home of this age will likely have older major systems (like plumbing, electrical, and roof). A thorough inspection is essential to understand any needed updates or maintenance.
4. How significant is the difference between the 2019 sale price and current assessment?
The assessment of $357,000 is for municipal tax purposes and is not a market valuation. The increase since 2019 reflects broader market trends and the assessed value, but the actual market price is determined by current buyer demand. Recent comparable sales in the area are the best guide.
5. What is a "split garage" and what are its benefits?
A split garage is typically a double-width garage divided by a wall into two separate single bays. This offers more flexibility than a single open space, allowing for separate workshop areas, better storage organization, or isolating a vehicle from yard equipment.