212-3420 Grant Avenue

Property Summary: 212-3420 Grant Avenue, Winnipeg

Key Characteristics & Appeal

This is a well-maintained, 1,200 sqft condo unit in Elmhurst, built in 1993. Its primary appeal lies in its exceptional competitive standing within its immediate area. The property ranks in the top 2% of its street and the top 0% of its entire neighborhood for size, indicating it offers more space than nearly all comparable local options. It also ranks highly for its age within the community, being newer than 90% of surrounding homes.

The unit suits practical buyers looking for a spacious, established condo in a mature neighborhood without the maintenance responsibilities of a house. Its recent sale in 2023 for $216,000, close to its current assessed value, suggests a stable and transparent market value. The appeal is grounded in value-for-space and stability rather than luxury features, making it ideal for first-time buyers, downsizers, or investors seeking a straightforward rental property with a proven price point.

Frequently Asked Questions

1. What do the ranking percentages actually mean for me?
They are a relative measure of how this property compares to others. For example, ranking in the top 0% for size in its neighborhood means it is more spacious than every single similar property used in the comparison, which is a significant advantage for a condo.

2. The assessment value is higher than the 2023 sale price. Why?
Municipal assessments for tax purposes often use mass appraisal techniques and may not reflect the exact final negotiated sale price on a given day. The close alignment (assessment of $227,000 vs. sale at $216,000) shows the sale was in line with the city’s valuation.

3. Are there any major concerns with a building from 1993?
Buildings of this age are typically past any initial "shakedown" issues but will have a documented history of major repairs or replacements (like roofing, windows, or elevators). Reviewing the condo corporation's reserve fund study and minutes is crucial to understand its financial health and upcoming projects.

4. Who is this property not suited for?
It may not suit buyers seeking a brand-new build, those who require a private garage, or anyone wanting a property that significantly leads its area in assessed value, as it ranks higher for size and age than for its monetary value within the broader market.

5. The rankings for value/price are much lower than for size. Is that bad?
Not necessarily. It indicates that while you are getting a relatively large space for the area, the price point remains accessible compared to many other properties in Winnipeg. This can be seen as an opportunity to acquire more square footage without paying a top-tier premium.