Property Overview & Key Characteristics
This is a compact, one-storey home built in 1922, situated on a standard city lot in the established Elm Park neighbourhood. Its primary appeal lies in its position as an accessible entry point into a desirable area. With 880 square feet of living space and an unrenovated basement, it presents as a straightforward, no-frills property. The home's assessed value is notably low relative to both the neighbourhood and city averages, which is a defining characteristic.
This property would suit a specific type of buyer: first-time purchasers or practical investors looking for a foothold in a prime location without a premium price tag. It’s a candidate for a live-in renovation project, allowing an owner to add value over time. The appeal is less about immediate luxury and more about potential and location—offering the mature trees and community feel of Elm Park, but with the understanding that the home itself requires vision and likely some updates. A thoughtful perspective is that its modest size and lower operating costs could also appeal to those looking to right-size or maintain a simpler lifestyle without leaving a sought-after part of the city.
Frequently Asked Questions
1. Is this a "tear-down" or a renovation project?
Given its age, size, and condition (noting the unrenovated basement), it is likely positioned as a renovation project. However, its solid construction from 1922 and the value of securing a lot in Elm Park mean many buyers would consider updating and extending the existing structure rather than a complete rebuild.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's relatively small size, age, and condition compared to the broader market. It is assessed based on its current state, not the potential value after renovations or the premium for its location.
3. What are the implications of having no garage?
Parking will be limited to driveway or on-street. This is a common feature in older neighbourhoods and factors into the lower assessed value. Buyers should consider their vehicle storage needs and the practicality of street parking, especially in winter.
4. The home sold for less than its current assessed value in 2016. What does that indicate?
The 2016 sale price suggests the property was acquired at a very low point, potentially in need of significant work. The increase in assessed value since then may reflect general market appreciation and possibly some minor improvements, but it primarily highlights the substantial growth in Winnipeg's property market over that period.
5. How does the lot size compare to others in the area?
At 4,720 sqft, the lot is below the Elm Park average but is a standard city lot size. It is not unusually small, but it doesn't offer the extra-large yard sometimes found in older neighbourhoods. This is a typical lot for the street and provides adequate outdoor space for a home of this size.