Property Summary: 87 Norlorne Drive
Section 1: Key Characteristics & Appeal
This is a well-maintained, one-storey home in Betsworth, built in 1981. Its key feature is a fully finished basement, adding valuable living space to the 1,079 sqft main floor. The property sits on a generous 5,607 sqft lot and includes an attached garage.
The home’s primary appeal lies in its established neighborhood setting and recent market validation, having sold for $531,000 in November 2024—a figure notably above its municipal assessment. The data suggests it is a newer and higher-valued home relative to most on its street and in Winnipeg broadly, indicating a property that has been kept up-to-date. Its one-storey layout is a significant advantage for those seeking accessibility or single-level living.
This property would suit first-time buyers or downsizers looking for a manageable, move-in-ready home without a large renovation project. It also appeals to value-conscious buyers who prioritize a larger lot and finished basement space over a larger main floor footprint. The strong recent sale price indicates it resonates in the current market.
Section 2: Frequently Asked Questions
1. How does the recent sale price compare to the home’s assessed value?
The home sold for $531,000 in November 2024, which is approximately $106,000 above its municipal assessment of $425,000. This suggests the market currently values the property significantly higher than its official tax valuation.
2. Is the living space considered large for the area?
At 1,079 sqft, the main living area is actually below average for its specific street and the broader Betsworth community. However, the fully finished basement provides additional flexible space, making the total usable area more competitive.
3. What do the ranking percentages mean for a buyer?
They show how this home compares to others in various categories. For example, it ranks newer than 93% of homes on its street, but larger than only 14% of them. This indicates a well-kept, modernized home on a street with potentially larger, older houses.
4. Given its age, what should be a priority inspection?
As a home built in 1981, major systems like the roof, windows, furnace, and electrical are likely at or beyond their typical service life. A thorough inspection to determine the age and condition of these components is essential.
5. Does the strong sale price mean it’s overpriced?
Not necessarily. The high sale price relative to assessment and its rankings show it is perceived as a premium property on its street. It reflects what a buyer was recently willing to pay for its specific condition, updates, and lot size in the current market.