178 Douglas Park Road

Property Overview: 178 Douglas Park Road, Winnipeg

Section 1: Key Characteristics & Appeal

This property is defined by its significant lot size and solid, classic home, presenting a clear value proposition centered on land and potential. The nearly 15,000 sqft lot is its most standout feature, ranking within the top 4% of the desirable Bruce Park neighbourhood and the top 2% city-wide. This offers exceptional outdoor space, privacy, and future possibilities that are rare to find. The 2,094 sqft, two-and-a-half storey home, built in 1920, provides above-average living space for the area but requires modernization, as the basement is noted as unrenovated. There is no garage or pool.

The primary appeal lies in securing a large, elite-tier parcel of land in a well-regarded neighbourhood, with a liveable but dated structure on it. It perfectly suits value-driven buyers or investors who prioritize land over turn-key condition. This includes those looking for a long-term family home they can renovate over time, developers or builders eyeing the substantial lot (subject to zoning), or purchasers who see the underlying land value as a secure investment. The assessed and recent sale values are consistent and positioned above neighbourhood averages, suggesting the market recognizes this land premium.

Section 2: Frequently Asked Questions

1. What does "Elite" ranking for the land area actually mean?
It means this property's lot size is larger than 96% of all residential lots in Winnipeg and 96% of lots in Bruce Park specifically. It is a truly outsized parcel for the city.

2. The house was built in 1920. What should I be prepared for?
While the living space is generous, a home of this age will likely require updates to major systems like wiring, plumbing, and insulation. The unrenovated basement also suggests foundational and moisture control systems should be thoroughly inspected.

3. Is the price reflective of a "tear-down" property?
Not necessarily. The sale price aligns with the assessed value, and the home offers substantial liveable space. The price reflects the combined value of a solid, older home and a premium lot, rather than just land value alone. It's a property for renovation, not necessarily immediate replacement.

4. There's no garage. How big of an issue is that?
For some buyers, this is a significant drawback. However, the enormous lot size provides ample space to add a garage or workshop in the future, which is a key part of the property's potential and a mitigating factor for the current lack of one.

5. Why is the assessed value relatively low compared to the lot size?
Property assessment considers the current state and market value of the entire property. The older home condition likely moderates the assessment. The recent sale at a very similar price indicates the market agrees with this valuation, seeing the high land value balanced by the costs needed to update the home.