Property Summary: 6-702 St. Mary's Road, Elm Park, Winnipeg
Key Characteristics & Appeal
This is a well-sized, late-90s condo in the established Elm Park neighbourhood. With 1,279 sqft of living space and a renovated basement, it offers more room than the average Winnipeg home. Its appeal lies in a balanced, middle-of-the-road profile within its immediate area: it’s not the newest or most lavishly assessed property on the street, but it consistently performs above the citywide average for both size and value. This suggests a solid, no-surprises unit in a desirable location without a premium price tag for the neighbourhood.
The recent sale price significantly exceeded both the assessed value and the local average, indicating strong buyer competition and a belief in the underlying value. It would suit practical buyers looking for space and stability over flash—perhaps downsizers from a larger house who still want ample room, or first-time buyers seeking a foothold in a mature neighbourhood without the upkeep of an older character home. It’s a choice for those who value quiet, long-term livability over trendiness.
Frequently Asked Questions
1. How does this condo’s size compare practically?
At 1,279 sqft, it is notably larger than the typical Winnipeg home (1,042 sqft), offering space comparable to many single-family houses. Within Elm Park specifically, it sits right around the average for similar properties.
2. Does the sold price being higher than the assessed value mean it was overpaid for?
Not necessarily. Assessed value is for municipal tax purposes and often lags behind the market. The sale price reflects what multiple buyers were willing to pay in the current market, suggesting strong perceived value for the space, location, and condition.
3. What does the “around average” ranking for the neighbourhood mean?
For key metrics like living area and assessed value, this property ranks in the middle third of comparable homes in Elm Park. This typically indicates a lower risk of being over-improved for the area or, conversely, of needing significant updates to catch up.
4. The building is from 1998. What should I consider?
A 28-year-old building is past its initial warranty period. A prudent buyer will closely review the condo corporation’s reserve fund study, recent minutes, and any planned major repairs (like roofing, windows, or balconies) to understand future fee stability.
5. Who is responsible for the renovated basement?
As this is a condo, the unit’s interior, including any basement renovations, is almost certainly the owner’s responsibility. It’s essential to verify that any renovations were completed with proper permits and in compliance with condo bylaws.