Property Overview & Key Characteristics
This condominium at 1203-160 Tuxedo Avenue is a standout property defined by its exceptional space and premium valuation. Its primary appeal lies in offering a rare combination of expansive square footage and elite status within a desirable Winnipeg neighbourhood.
The 2,800 sqft living area places it in the top 1% for size, not just in the Edgeland area but citywide, offering a living space more comparable to a large detached home. This is complemented by its top-tier assessed value of $1.24M, ranking first on its street and in its immediate area. Built in 1984, the building is well-established, offering a sense of maturity and likely more generous room proportions than newer constructions. The property suits buyers who prioritize space and prestige but desire the low-maintenance lifestyle of a condo. It would be ideal for empty-nesters seeking to downsize from a house without sacrificing room for family visits or hobbies, or for professionals who want a turnkey, high-end residence in a central location.
Frequently Asked Questions
1. What does the "Elite – Top 1%" ranking actually mean?
It means this property outperforms 99% of comparable listings in that specific metric (like size or value) within the defined geographic area, confirming its rarity and premium positioning in the market.
2. The building is from 1984. Should I be concerned about maintenance or fees?
While the building is 40 years old, its above-average ranking for year built in Edgeland suggests it is newer than many peers in the neighbourhood. A careful review of the condo corporation's reserve fund study, recent special assessments, and monthly fees is essential to understand the financial health and upcoming major repairs.
3. The assessed value is $1.24M, but it sold for the same amount in 2019. What does that indicate?
This suggests the property's official tax assessment is aligned with its recent market value. It can indicate stable, high-end value in the area, but the final sale price is always determined by the current market.
4. Who is the typical buyer for a condo of this size and value?
This isn't a typical first condo or investment property. The buyer profile is often someone moving from a large family home who no longer wants yard work or exterior maintenance, but still desires significant interior space, high-end finishes, and a prestigious address.
5. The sale history shows a very low sale price in 2017 ($72,500). Why is that?
This is common in condo complexes and typically represents the initial sale of the unit from the original developer or a corporate entity, often before construction was complete or when it was first converted to condominium ownership. It does not reflect the subsequent market value established by resales.