Property Overview
This one-and-a-half storey home at 55 Elm Park Road presents a solid opportunity in a well-regarded Winnipeg neighbourhood. Built in 1941, it sits on a lot that is notably larger than many on its street, offering above-average outdoor space for the immediate area. The 1,448 sqft living area is also comfortably above the local average, and the home benefits from a renovated basement. A detached garage completes the picture. Its most recent sale was in June 2023 for $400,000, with a current assessed value of $370,000.
Key Characteristics & Appeal
The primary appeal of this property lies in its combination of established neighbourhood character and practical updates. The renovated basement adds immediate functional living space without the need for a major project. While the home itself is of a classic, older build, its living space and lot size are competitive strengths within Elm Park, suggesting a good value proposition relative to other homes on the same street.
This home would suit a buyer looking for a move-in-ready character home in a mature neighbourhood, who values a larger lot for gardening, play, or future outdoor projects. It’s also a sensible fit for someone who appreciates the separation of a detached garage. The buyer should be comfortable with the maintenance considerations of an 80+-year-old home, balanced by the fact that some modernization (the basement) is already complete.
A less obvious perspective is that its "above average" metrics on its own street indicate it might be a standout property within its most direct peer group, potentially offering more space and land than the immediate neighbours—a factor that can contribute to long-term value.
Frequently Asked Questions
1. How does the assessed value compare to the recent sale price?
The home sold for $400,000 in June 2023 and is currently assessed at $370,000. This difference is not uncommon, as assessed values for taxation purposes often lag behind market sale prices, which are influenced by current buyer demand.
2. What does "one-and-a-half storey" mean for the layout?
Typically, this style features main living areas on the ground floor, with a second floor under sloping roof lines that may contain bedrooms or additional space. It’s characteristic of many older Winnipeg homes and offers a classic layout with potential for cozy, character-filled upper rooms.
3. Is the lot size a significant advantage?
At 5,499 sqft, the lot is in the top 19% for size on Elm Park Road. For the street and the Elm Park area, this is a tangible advantage, providing more private outdoor space than many comparable properties.
4. What should I consider about a home built in 1941?
While offering charm and established neighbourhoods, homes of this era may have original building materials, mechanical systems, or insulation that require inspection, updating, or maintenance. The renovated basement is a positive, but a thorough inspection of the entire structure is advisable.
5. How does this property rank city-wide?
City-wide, its living area and assessed value are around the middle of the pack, which is expected for a solid, mid-century home in a established neighbourhood. Its key strengths—lot size and living area—are more pronounced when compared specifically to its immediate neighbours in Elm Park.