Property Overview: 131 Ferry Road, Bruce Park, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1927, presents a compelling opportunity centered on its generous 5,423 sqft lot, which ranks in the top 4% for size on Ferry Road. The living space (1,224 sqft) is notably above average for the immediate street, offering comfortable scale. A key feature is the renovated basement, adding modern, functional space. The property last sold in February 2022 for $320k, a price point that performed well compared to local sales.
Its primary appeal lies in the land value and location within Bruce Park. The lot size is a significant asset, offering ample outdoor space and future potential in a well-established neighbourhood. The home suits practical buyers who value space over newness—those looking for a character home with a renovated lower level, or investors and builders who recognize the underlying value in the large parcel. It’s a property where the land tells a more powerful story than the vintage of the house itself, ideal for someone with a vision for gardens, additions, or long-term holding.
Section 2: Frequently Asked Questions
1. What does the "renovated basement" entail?
The listing confirms the basement has been renovated, but specifics on finish quality, ceiling height, legal compliance, and moisture control should be verified by a buyer's inspection.
2. Why is the assessed value significantly lower than the last sale price?
The assessed value is for municipal tax purposes and often lags behind market value, especially after recent sales. The 2022 sale price of $320k is the more current indicator of its market worth.
3. How does the lack of a garage affect daily living and value?
The property has no garage. Buyers should consider the cost and feasibility of adding parking or storage, though the large lot may accommodate it. This is a common trade-off in older neighbourhoods.
4. The home is older—what should I be most concerned about?
Given its age (1927), priority inspections should focus on the foundation, roof, plumbing, electrical systems, and insulation. The renovation may have addressed some items, but a thorough inspection is essential.
5. The lot is large for the area. Are there any restrictions on its use?
While the lot size is a major asset, any plans for additions, outbuildings, or subdivision must be checked against local zoning bylaws and the neighbourhood’s character overlay.