Property Overview & Key Characteristics
This one-storey home on a generous 3,901 sqft lot in Archwood presents a straightforward opportunity. Its key appeal lies in the combination of a renovated basement and a detached garage, offering immediate functional space and storage on a lot that is larger than most in Winnipeg. The home itself is compact at 746 sqft, suggesting a focus on efficient living or significant future potential.
The property would suit first-time buyers or downsizers looking for a manageable footprint without sacrificing yard space. It also appeals to value-oriented investors or renovators, given the recent basement update and the significant gap between the recent sale price and the assessed value, which may indicate room for added equity through further updates. A less obvious perspective is its appeal to those seeking a "land-value" proposition in a mature neighbourhood, where the lot itself represents a substantial portion of the investment, offering long-term flexibility.
Frequently Asked Questions
1. How does the recent sale price compare to the neighbourhood?
The home sold significantly above the neighbourhood average, placing in the top 1% for its sale price in Archwood. This suggests the property had specific features or conditions that attracted a premium compared to other nearby sales.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated, but specifics on the finish quality, legal egress, and permitted use (e.g., additional living space, rental suite) should be verified with the seller or a viewing.
3. Is the lot size a major advantage?
Yes. The lot is over 3,900 sqft, ranking in the top 24% for size across Winnipeg. This is a standout feature for outdoor space, gardening, or future expansion, especially on a one-storey home.
4. How does the living area size impact livability?
At 746 sqft, the main floor living area is below average for the neighbourhood. This emphasizes efficient use of space and likely makes the renovated basement a key functional area for storage, utilities, or additional living space.
5. Why is there such a large difference between the assessed value and sale price?
Municipal assessed value is for taxation purposes and often lags behind market value. The sale price reflects what a buyer recently paid in the current market, which can be influenced by factors like the renovated basement, lot size, and market conditions not fully captured in the assessment.