49 Springside Drive

Property Overview: 49 Springside Drive, Elm Park, Winnipeg

Key Characteristics & Appeal

This one-storey home in Elm Park is a compact, 672 sqft residence built in 1943, sitting on a standard 5,083 sqft lot. Its key characteristic is its modest, efficient scale, which is significantly smaller than average for the street, neighbourhood, and city. The home features a renovated basement and a detached garage.

Its primary appeal lies in its location within a well-established neighbourhood and its relative value. While the living space is small, the assessed value of $310k is positioned around the city-wide average, suggesting the lot location and the Elm Park community are significant drivers of value. This creates an entry point into a desirable area that might otherwise be out of reach. The renovated basement adds functional space, offsetting the main floor's footprint.

This property would best suit a minimalist, a first-time buyer prioritizing location over size, or an investor looking for a lower-priced rental in a stable area. It is less suited for those requiring ample indoor living space or modern, open-concept layouts, given its vintage and compact nature. A thoughtful perspective is that this home represents a trade-off: you are purchasing a place in the community more than a large structure, which can be a strategic long-term investment in a neighbourhood's land value.

Frequently Asked Questions

1. Is the living area truly only 672 sqft?
Yes. The data confirms this home's living area is notably smaller than most comparable homes in Elm Park and across Winnipeg, placing it in the bottom tier for size rankings locally.

2. Why is the assessed value relatively average if the house is so small?
The assessment reflects more than just the building's size. It incorporates the value of the land in Elm Park, the renovated basement, and the overall property. This indicates that the lot location in a established neighbourhood is a substantial component of its worth.

3. What does "Top 100%" for Living Area in the neighbourhood mean?
This statistical ranking means that, within Elm Park, this home's living area is larger than 0% of comparable homes—effectively, it is at the very bottom of the list for size. It is the smallest or among the very smallest when compared directly to its local peers.

4. How does the recent sale history affect current value?
The home sold in September 2020 for $287,000. The current assessed value of $310k suggests a moderate increase in market value since that last sale, consistent with broader market trends over that period.

5. Is the detached garage a significant advantage?
In a neighbourhood of older homes where many garages were not originally built, a detached garage is a practical asset. It provides secure storage and parking, which can be a valuable convenience and a relative standout feature on this street.