Property Overview: 387 Elmhurst Road
This single-storey home in Varsity View presents a practical and well-positioned opportunity. Built in 1977, it sits on a generous 6,707 sqft lot and features 1,236 sqft of living space with a finished basement and an attached garage. Its recent sale in March 2025 for $492,000, notably above its $408,000 assessed value, signals strong market recognition.
The appeal here is grounded in its established neighborhood and tangible value. The home ranks highly city-wide for lot size (top 20%) and recent sale price (top 19%), suggesting a property that outperforms many in Winnipeg on key metrics. It would suit a buyer looking for a move-in-ready, low-maintenance layout on a sizable lot, ideal for small families, downsizers, or investors seeking a stable asset in a mature area. A less obvious perspective is its potential as a long-term hold; the significant lot size in a central neighborhood offers future flexibility that smaller, newer lots often lack, whether for expansion, landscaping, or simply as a premium asset in an increasingly land-constrained market.
Frequently Asked Questions
1. How does the recent sale price compare to the home's assessed value?
The home sold for $492,000 in March 2025, which is approximately 20% above its municipal assessed value of $408,000. This indicates the market valued the property significantly higher than its official tax assessment at that time.
2. What does the ranking data for lot size and sale price actually mean?
The data shows this property ranks in the top 20% of all Winnipeg homes for lot size and in the top 19% for its recent sale price. This means it has a larger-than-average lot and sold for a price higher than most homes in the city, highlighting its competitive standing.
3. Is the neighborhood considered established or developing?
Varsity View is a long-established, mature neighborhood. The home's age (49 years) and the community's ranking data confirm it is a well-settled area, not a new development.
4. What is the significance of having a finished basement?
A finished basement immediately adds usable living space without the need for a renovation project. It provides flexibility for recreation, home office, or guest areas, making the home functional from day one.
5. Does the "one storey" design have specific advantages?
The single-storey (bungalow) design offers main-floor living without stairs, which is often appealing for accessibility, aging in place, or simply for its straightforward, easy-to-navigate layout. It can also simplify maintenance and roof repairs.