Property Summary: 401 Lynbrook Drive
Section 1: Key Characteristics & Appeal
This two-storey home in Varsity View presents a compelling opportunity for buyers seeking a well-established property with strong fundamentals. Built in 1988, it sits on a generous 7,329 sqft lot, offering ample outdoor space that is increasingly rare in mature neighbourhoods. With 1,764 sqft of living space and a finished basement, it provides practical room for a family.
The home’s primary appeal lies in its standout position within a desirable, centrally-located community. The data reveals its competitive edge: it ranks within the top 20% of its neighbourhood for lot size, living area, and recent sold price. Notably, its 2024 sale price of $628,000 significantly surpassed its assessed value, indicating strong market confidence and potential for value growth. This is a property that outperforms most peers in Winnipeg for key metrics like lot size and value.
It would best suit buyers who prioritize location and land size over a brand-new build. It’s ideal for a family looking to put down roots in a proven area, or for a value-conscious buyer who sees the potential in a solid, late-80s home on a large lot, possibly with future renovation plans in mind.
Section 2: Frequently Asked Questions
1. How does the recent sale price compare to the assessment?
The home sold for $628,000 in June 2024, which is approximately $100,000 above its most recent assessed value of $528,000. This typically reflects strong buyer demand and perceived value in the current market.
2. What does the "ranking" data actually mean?
The rankings show how this property compares to others in its immediate street, the Varsity View neighbourhood, and all of Winnipeg. For example, ranking in the "top 14%" in Winnipeg for lot size means 86% of Winnipeg properties have a smaller lot. It’s a quick way to see its relative strengths.
3. Is the large lot a common feature in this area?
No, it's a distinct advantage. With a 7,329 sqft lot, this property surpasses 62% of homes on its own street and 86% of all homes in Winnipeg for lot size, offering more private outdoor space than is typical.
4. The home was built in 1988. What should I consider?
A home of this age is likely to have seen updates but may also require attention to original components like windows, roof, or major systems. A thorough inspection is essential to understand the condition and plan for any maintenance or modernization.
5. There's no garage. How does that impact value and usage?
The lack of a garage is a trade-off for the large lot. It affects convenience and storage, but the lot size provides flexibility. Buyers could consider the cost and feasibility of adding a garage or workshop in the future, which the lot space could readily accommodate.