Property Overview & Key Characteristics
This property is a classic one-storey home built in 1961, situated on an exceptionally large, approximately 17,186 sqft lot in Winnipeg's Elmhurst neighbourhood. Its primary appeal lies in the significant land parcel, which ranks in the top 2-3% of all residential lots in the city for size, offering immense potential for expansion, gardening, or outdoor living. With 1,404 sqft of living space, an unfinished basement, and an attached garage, the home provides solid fundamentals. Its value is further anchored by a strong overall assessment relative to the area.
The home would best suit a buyer who sees the property as a long-term canvas. It’s ideal for someone prioritizing land over a turn-key interior, such as a family planning a future renovation or addition, or a buyer seeking a private, spacious yard rarely found in the city. It’s less suited for those seeking modern finishes or who do not want to undertake any projects, as the basement is unfinished and the home itself is of a vintage that will likely require updates.
Frequently Asked Questions
1. What does the lot size ranking actually mean?
The rankings indicate that this property's lot is larger than 98% of all residential properties in Winnipeg, placing it in the top 2%. This is its most distinctive and valuable asset, offering rarity and potential not found in typical lots.
2. Is the house in good condition for its age?
As a 65-year-old home, prospective buyers should budget for age-related maintenance and updates. The unfinished basement suggests major systems may be original, so a thorough inspection is essential to understand the condition of the roof, foundation, plumbing, and electrical.
3. What can be done with such a large lot?
Beyond a spacious yard, the lot size opens possibilities like adding a significant extension, building a detached garage or workshop, or creating extensive landscaping, gardens, or recreational spaces, subject to local zoning bylaws.
4. How does the assessment value relate to the asking price?
The municipal assessment of $387,000 is a tax valuation and not a market price. It indicates the home is valued above average for the area. The final sale price will be determined by current market demand, the home's condition, and the premium buyers place on the unique lot size.
5. Why are the rankings for "newness" so much lower than for lot size?
This highlights the property's profile: it scores exceptionally high for land value but is around average or below for the age of the structure itself. This contrast defines the opportunity—you are purchasing primarily for the land with a livable, older home on it.