Property Overview
This 1971-built, one-storey home in Elmhurst presents a distinct opportunity. Its primary appeal lies in the combination of a very large, nearly 9,000 sqft lot with a modest, 873 sqft living space that includes a finished basement. The property ranks highly for its lot size, placing in the top 10% of its street and top 8% city-wide, suggesting significant outdoor space and potential. It suits a specific buyer: someone seeking an affordable entry into a mature neighbourhood with room to grow outdoors, or an investor/renovator who sees value in the land and the possibility of expanding or updating the existing structure over time. The appeal is less about the current home's size or modern finishes and more about the foundational assets—the generous land and location—that are harder to change.
A thoughtful perspective considers the trade-off: you are acquiring a property that outperforms 92% of Winnipeg in lot size but only 16% in living area. This positions it perfectly for a buyer whose priority is space for gardens, play, or future projects rather than immediate, expansive square footage indoors. It’s a property with a clear "blank canvas" character, especially for the right side of the lot.
Key Questions & Considerations
1. What does the "finished basement" entail?
Given the home's age and smaller main floor area, the condition and layout of the basement are crucial. It's important to clarify the ceiling height, finish quality, and whether it includes a proper secondary living space or bedroom.
2. How is the large lot configured, and are there any development restrictions?
The nearly 9,000 sqft lot is a major feature. Buyers should investigate its shape, topography, and any zoning bylaws or restrictive covenants that might affect future use, like adding a garage, a secondary suite, or an addition.
3. Why is the assessed value relatively moderate compared to the lot size ranking?
The city's assessment reflects the current property as a whole. The moderate assessment likely aligns with the older, smaller dwelling on a valuable piece of land. This can indicate a tax advantage now, with the potential for increased value through improvements.
4. What are the implications of the home's age (55 years) for systems and maintenance?
A home from 1971 will have aging core components. Prospective buyers should pay particular attention to the roof, plumbing, electrical systems, and foundation, budgeting for potential updates.
5. Is the lack of a garage a possibility for the future?
With such a large lot, adding a garage or carport may be a key project. It's essential to verify local regulations, setback requirements, and budget for this potential addition if off-street parking is a priority.