Property Overview: 314 Milford Street, East Elmwood
Section 1: Key Characteristics & Appeal
This one-storey home, built in 1958, presents a practical and straightforward opportunity in Winnipeg's East Elmwood neighborhood. With 1,032 sqft of living space and a renovated basement, it offers functional living on a standard 4,869 sqft lot, complemented by a detached garage.
Its primary appeal lies in its value proposition within the local area. While the home is modest in size compared to others on its street, its assessed value ranks above average for East Elmwood itself. This suggests it could be a relatively affordable entry point into a neighborhood where property values are generally higher. The renovated basement adds usable space, a significant plus for a home of this size.
This property would best suit first-time buyers, downsizers, or practical investors seeking a no-frills, manageable home. It’s for someone who prioritizes neighborhood value and a solid foundation over size or modern luxury. A thoughtful perspective is that this home represents the "bones" of the neighborhood—a classic post-war property that offers the chance to put personal savings into customization rather than paying a premium for already-completed, trendy upgrades.
Section 2: Frequently Asked Questions
1. How does this home’s value compare to the area?
While its living area is smaller than most on Milford Street, its assessed value is actually above the average for the wider East Elmwood neighborhood. This indicates it may be priced competitively within the community context.
2. What does the “renovated basement” entail?
The listing confirms the basement is renovated but does not specify the scope. A buyer should inquire about the permit history, the quality of finishes, and whether it includes a proper secondary suite or simply finished living space.
3. Is the lot size a limitation?
At just under 5,000 sqft, the lot is typical for East Elmwood but below average for the specific street. It provides adequate private outdoor space for a patio or garden but may not accommodate large additions or pools.
4. What is the significance of the 2016 sale price?
The home sold for $23,900 in 2016. This historical data point highlights the significant market appreciation since then and is a reminder to base current offers on recent comparable sales, not this outdated figure.
5. Who might this home not suit?
Buyers needing substantial living space, those seeking a modern open-concept layout typical of newer homes, or anyone wanting a large yard for extensive recreation might find this property too compact. It’s a home for efficient living, not expansive entertaining.