Property Summary: 141 Old Mill Road
Key Characteristics & Appeal
This one-storey home in Birchwood sits on a generous 7,500 sqft lot, offering more private outdoor space than most properties on its street and across Winnipeg. The home itself, built in 1960, features a renovated basement and a detached garage. Its key appeal lies in its established, spacious lot and the value-added potential of the finished lower level. The property’s recent sale history shows significant appreciation, suggesting it’s in a desirable, stable area.
It would suit a practical buyer looking for a solid foundation in a mature neighbourhood—someone who values a large yard over a large house and sees potential in a home that has already seen some updates, like the basement. It’s also a compelling option for a value-conscious purchaser, as the assessed value remains notably lower than recent sale prices, which could indicate room for equity growth. A less obvious angle is its potential for multi-generational living or a home office setup, given the separation provided by the renovated basement and detached garage.
Frequently Asked Questions
1. How does the living area compare to nearby homes?
At 1,139 sqft, the living area is currently the smallest among the 35 homes on Old Mill Road. This highlights that the property’s primary asset is its land, not the size of the house.
2. The home sold for $300k in 2021 and $442.5k in 2022. What does that rapid appreciation indicate?
This sharp increase in a short period likely reflects a hot market at the time and/or significant improvements made to the property. It underscores the importance of a current, professional appraisal to understand today’s value.
3. What does the "Top 87% in Winnipeg" ranking for land area mean?
This means the lot size is larger than 87% of all residential properties in Winnipeg, a significant advantage for privacy, gardening, or future expansion.
4. Is the older build year (1960) a concern?
While the home is older than most on its street, the renovated basement shows proactive maintenance. A thorough inspection would be key to understand the condition of major systems like roof, wiring, and plumbing common to homes of this era.
5. Why is the assessed value ($40.30k) so much lower than past sale prices?
Municipal assessed value for tax purposes is not a market valuation. It is often calculated using older data and formulas. The recent sale prices are a far more accurate reflection of the home’s market value.