Property Overview: 6173 Rannock Avenue
Key Characteristics & Buyer Appeal
This one-and-three-quarter storey home, built in 1900, is defined by its generous 7,335 sqft lot—a standout feature that places it in the top 30% for size on its street. While the 1,350 sqft living area is comfortably above average for the area, the true appeal lies in the combination of a renovated basement, a detached garage, and, most significantly, the substantial and rare outdoor space for the neighbourhood. Its recent sale history shows consistent value appreciation, with the latest sale price significantly higher than both its assessed value and its price from just four years prior.
This property would suit a buyer looking for a classic home with clear "sweat equity" potential, where the value is anchored by the land itself. It’s ideal for someone who prioritizes private outdoor space for gardening, play, or future expansion over a modern, turn-key interior. The data suggests it’s a solid, no-frills investment in a mature neighbourhood, perfect for a hands-on owner who sees the value in the lot size and the already-completed basement renovation as a foundation for their own projects.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Assessed values in Manitoba are primarily for municipal tax purposes and often lag behind rapid market shifts. The significant jump in sale price between 2020 and 2024 suggests strong buyer demand for homes with these specific characteristics (large lot, renovated basement) in this area, which the formal assessment hasn't yet fully captured.
2. How significant is the age of the home (built 1900)?
While it ranks as one of the oldest homes in the broader area, this is reflected in the price and opportunity. It means potential buyers should prioritize thorough inspections for foundational and systemic updates. However, the age also contributes to the character and the large lot size, which is uncommon in newer developments.
3. What does the large lot size practically offer?
Beyond simple greenery, a lot of this size (top 30% on the street) offers rare potential in an established neighbourhood. It provides ample privacy, space for additions like a shed or deck, gardening opportunities, and is a long-term asset as smaller lots become the norm.
4. The home sold recently in July 2024. Why is it back on the market?
While the specific reason isn't provided, short resales can occur for numerous personal reasons unrelated to the property itself, such as a change in job, family circumstances, or a buyer's remorse on fit. It does, however, offer a very current market price benchmark.
5. How does this property compare to the nearby reference home at 6458 Rannock?
The comparison highlights two different buyer profiles. The reference home is newer (1978) with a higher assessed value but on a presumably standard lot and with less living space. 6173 offers a much larger lot and more square footage for the price, appealing to those who value space and land over a newer build date.