Property Overview: 323 Elmhurst Road, Varsity View, Winnipeg
This 1946-built, one-storey home sits on a large, 5,379 sqft lot in the established Varsity View neighbourhood. With 659 sqft of living space, an unfinished basement, and no garage, it presents a specific value proposition. Its recent sale price of $360,000 significantly exceeds its assessed value, indicating a premium paid for its location and potential.
Section 1: Key Characteristics & Appeal
Key Characteristics:
This is a classic post-war bungalow, emphasizing lot size over house size. The nearly 80-year-old home has modest, original living space and requires the buyer to finish the basement for additional room. Notably, it lacks a garage, a common feature in homes of this era in the area.
Where the Appeal Lies:
The primary appeal is the large, desirable lot in a central location. Varsity View is prized for its proximity to the University of Manitoba, major routes, and mature community feel. This property is a clear "land value" play, offering space for expansion, gardening, or future redevelopment. The unfinished basement provides a blank canvas for customization. Its recent sale suggests strong market confidence in the location's intrinsic value.
Ideal Buyer Profile:
This property suits a specific buyer: a hands-on individual or couple looking for a long-term project in a top-tier location. It's ideal for someone who values land and location above move-in-ready finishes, sees potential in the basement, and is comfortable with a home of vintage character. It could be a fit for an investor-builder or a buyer planning a significant future renovation or rebuild, given the lot size.
Section 2: Frequently Asked Questions
1. Why did it sell for so much more than its assessed value?
Assessed value is for municipal taxation and often lags behind market value, especially for older homes on large lots in high-demand neighbourhoods. The sale price reflects what buyers are currently willing to pay for the location and the property's potential.
2. What are the implications of a house built in 1946?
Buyers should budget for updates to aging core systems like plumbing, electrical, and insulation. While it offers charm, a pre-purchase inspection is crucial to understand the condition of the original structure and foundation.
3. How can I manage without a garage?
This is a key consideration for vehicle storage and winter. Buyers would need to explore adding a shed, carport, or future garage (subject to permits), or rely on street parking, which should be checked for local restrictions.
4. The rankings show it's in the bottom percentiles for size and age on its street. Is that a concern?
This data highlights the property's context. On a street of mostly larger, potentially newer homes, this house is one of the smallest and oldest. This isn't inherently negative but confirms its value is primarily in the land, not the current structure, compared to its neighbours.
5. Is the unfinished basement a pro or a con?
It's both. It's a significant project requiring investment for framing, insulation, flooring, and likely moisture-proofing. However, it allows for complete customization to add valuable living space, such as a bedroom, bathroom, or family room, exactly to the new owner's specifications.