Property Summary: 310-3420 Grant Avenue, Winnipeg
Key Characteristics & Appeal
This is a well-maintained, 1,200 sqft condominium in Elmhurst, built in 1993. Its primary appeal lies in its established, low-maintenance lifestyle within a mature neighbourhood. The standout feature is its exceptional competitive ranking within its immediate area: it surpasses 98% of homes on its street and 100% within the broader Elmhurst community for lot size, indicating a sense of space and privacy that is rare for a condo. While its assessed value is modest relative to the wider Winnipeg market, this positions it as an accessible entry point into a stable area.
The property suits first-time buyers or downsizers seeking a turn-key home without the upkeep of a yard or exterior. It also appeals to value-oriented investors, given its solid fundamentals and the fact it was last purchased in 2016 for $215,000, suggesting potential for equity growth. A thoughtful perspective is that this condo offers the community benefits of Elmhurst—a highly ranked, mature neighbourhood—without the premium price tag of a single-family home, acting as a strategic compromise.
Frequently Asked Questions
1. What does the "lot size" ranking mean for a condo?
For a condominium, this ranking typically refers to the overall parcel of land the building sits on. A top ranking suggests the building is situated on a larger, less dense lot compared to others, which can translate to more green space, better parking, or a less crowded feel.
2. Why is the assessed value ranking lower than the size ranking?
The home ranks highly for its physical attributes (size, land) within its locale, but its official assessed value is more modest. This can indicate that it offers strong "space for the money" in a desirable area, but may also reflect the building's age (33 years) or current market valuations for condos versus single-family homes.
3. Are there any concerns with a building from 1993?
A 33-year-old building is considered mature. Prospective buyers should carefully review the condominium corporation's reserve fund study and minutes to understand the financial health of the building, any recent or upcoming major repairs (like roofing or windows), and the monthly condo fee structure.
4. Who manages the exterior and common areas?
As a condominium, the corporation is responsible for all exterior maintenance, landscaping, and repairs to common elements. The owner is responsible for everything within the unit's walls. This is key for buyers seeking a low-maintenance lifestyle.
5. How does the 2016 sale price relate to today's value?
The 2016 sale at $215,000 provides a historical benchmark. The current assessed value of $232,000 suggests a gradual increase over eight years. A buyer should use this as a baseline, but the final market value will be determined by current condition, comparable recent sales, and market demand.