568 Elm Street

Property Overview: 568 Elm Street, Central River Heights

Key Characteristics & Appeal

This is a classic two-storey home built in 1950, situated on a 4,622 sqft lot in the established Central River Heights neighbourhood. The home offers 1,286 sqft of living space and features a renovated basement and a detached garage. Its appeal lies in a balance of character and practicality within a sought-after area.

The property’s standout characteristic is its land. While the house itself is modest in size compared to some on the street, the lot is generous for the central neighbourhood, offering valuable outdoor space and potential. The renovated basement adds functional, modernized living area. The home’s assessed value positions it as a relatively accessible entry point into River Heights, a perk for buyers mindful of property taxes.

This home would suit first-time buyers or downsizers seeking a lower-maintenance footprint without leaving a prime location. It’s also a sensible fit for an investor or handy buyer who values the lot size and sees long-term potential in the location, perhaps more than in the current structure. It’s less suited for those requiring substantial above-grade square footage immediately.

Frequently Asked Questions

1. How does the lot size compare to others in the area?
The 4,622 sqft lot is below the average for Elm Street itself but ranks in the top 6% for size within the broader Central River Heights neighbourhood, making it a relatively spacious parcel for this central location.

2. The living area seems smaller. How does it compare?
At 1,286 sqft, the above-grade living space is below average for Elm Street but is very close to the average for both Central River Heights and the city of Winnipeg as a whole, indicating a typical footprint for many area homes.

3. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope or finishes. This is a key detail to clarify with the seller or listing agent to understand the quality and layout of the additional space.

4. The last sale was in 2023. Why is it back on the market?
The property sold in May 2023. The reason for the quick turnaround is not provided and would require direct inquiry. Possibilities range from investor flipping to a simple change in the owner’s circumstances.

5. How is the assessed value used, and is the sale price typically higher?
The assessed value ($44.60k) is for municipal tax purposes. The last sale price in 2023 was $48.80k, which is above that assessed value. Market sale prices are determined by current buyer demand and can differ significantly from the tax assessment.