Property Overview
This one-storey home at 678 St Mary's Road in Elm Park is a compact, character property built in 1924. With 840 sqft of living space and a recently renovated basement, it sits on a standard city lot of just under 5,000 sqft. The home features a detached garage and sold for $280,000 in August 2024, which was notably higher than its $270,000 assessed value. Its key appeal lies in its location within a mature, established neighbourhood and its potential as a relatively affordable entry point into the Winnipeg market. The renovated basement adds functional living space, making the smaller main floor more manageable.
This property would suit first-time buyers or downsizers looking for a low-maintenance, single-level living option in a central area. Its size and layout may also appeal to an investor seeking a rental property in a stable neighbourhood. A thoughtful perspective is that while the home ranks below average in size and assessed value for its immediate street and area, this can represent an opportunity to own a character home in a desirable location without the premium price of a larger, updated property. The sale price exceeding the assessment suggests the market recognizes this potential.
Frequently Asked Questions
Is the house in need of major updates?
The listing specifically notes a renovated basement, suggesting that area is modernized. However, as a 1924 home, the main floor may retain original features and could benefit from updates depending on personal taste and condition.
How does the assessed value compare to the sale price?
The home sold for $280,000, which is $10,000 above its last assessed value of $270,000. This indicates buyers were willing to pay a market premium, possibly for the location, lot, or recent renovations.
What does "below average" for size in Elm Park mean?
The living area (840 sqft) is smaller than the average home in Elm Park (~1,247 sqft). This means it's a more compact property, which translates to lower utility costs and less maintenance, but also less interior space.
Is the lot size a drawback?
At 4,719 sqft, the lot is slightly below the citywide average but is a fairly standard size for older central neighbourhoods. It offers adequate outdoor space for a garden or patio without the burden of extensive landscaping.
Who might this property not suit?
Growing families needing multiple bedrooms and ample living space may find the layout too compact. Those seeking a modern, open-concept home or who prefer a newly built area might also want to consider other options.