Property Overview
This is a well-maintained, 1,252 sqft condo unit built in 1993, located at 311-3420 Grant Avenue in Winnipeg's Elmhurst neighbourhood. Its appeal lies in offering spacious, single-level living without the maintenance demands of a detached house. The unit ranks exceptionally high for its size within its immediate area, placing in the top 2% on its street and the top 0% in its broader community, indicating it is a larger-than-average offering for the location. A key selling point is its recent sale in July 2023 for $273,000, which provides a clear and current market benchmark for buyers. The city's assessed value is slightly lower at $243,000.
This property would suit first-time buyers seeking a move-in-ready home with more space than a typical starter apartment, or downsizers looking to simplify their lifestyle while retaining comfortable square footage. Its strong rankings suggest it offers good value for the space in a mature neighbourhood.
Key Questions for Buyers
1. What are the monthly condo fees, and what do they cover?
This is the most critical financial question for any condo purchase. The fees impact your total monthly cost and cover shared expenses like building insurance, maintenance of common areas, reserve fund contributions, and potentially some utilities.
2. How healthy is the condo corporation's reserve fund?
A well-funded reserve is essential for long-term property value. It pays for major future repairs (like roofing, paving, or building envelope work) without requiring special, large assessments from owners.
3. What is the pet policy and any rental restrictions?
These bylaws dictate if you can have pets and whether you can rent out the unit in the future, which affects both lifestyle and investment flexibility.
4. How does the recent sale price compare to the assessment?
The 2023 sale price of $273,000 is about 12% higher than the current city assessment of $243,000. Buyers should understand that assessments are for tax purposes and often lag behind the current market; the recent sale is a more accurate reflection of its market value.
5. What is the parking situation?
The listing notes no garage. It's important to clarify if there is dedicated surface parking, a carport, or street parking, and whether it is assigned or first-come-first-served.