Property Overview
This 1971-built, one-storey home on a large 7,793 sqft lot in Elmhurst presents a solid, value-oriented opportunity. Its key appeal lies in its generous, mature lot—a rarity that offers both privacy and potential—coupled with a functional layout that includes a finished basement and an attached garage. The home’s assessed value has risen since its 2017 purchase, indicating steady market recognition of the property’s underlying worth.
It particularly suits practical buyers who prioritize land size over a modern build, such as young families seeking room to grow, or value-driven investors attracted by the lot’s long-term potential. The rankings reveal a nuanced picture: while the house itself is average in size and age for the area, its lot size and overall value rank highly city-wide, suggesting the land itself is the star. This makes it ideal for a buyer with a vision, whether that’s enjoying the established outdoor space or contemplating future expansion.
Frequently Asked Questions
1. How does the home’s age affect its condition and costs?
Built in 1971, major systems like the roof, plumbing, or electrical may be at or beyond their typical lifespan. A thorough inspection is essential to budget for potential updates, though the house has clearly been maintained well enough to hold its value.
2. The lot is large, but what can I actually do with it?
The nearly 7,800 sqft lot is significantly above average. This allows for expansive gardens, recreational space, and substantial privacy from neighbors. It also provides a valuable equity cushion and future potential for additions, subject to local zoning bylaws.
3. The finished basement adds living space, but what should I check?
Given the home’s age and Winnipeg’s climate, it’s crucial to verify the quality of the finishing, ensure there is adequate insulation and moisture control, and confirm that any additional bedrooms or living spaces meet egress and safety standards.
4. The assessed value is higher than the 2017 sale price. What does this mean?
The increase reflects general market appreciation and the city’s assessment of the property’s current value. It does not directly set the market price, but it does indicate the property has grown in value and will correspond to a higher property tax bill.
5. The rankings show mixed results. How should I interpret them?
The rankings are a useful comparative tool. They highlight that this property’s strength is its land (ranking in the top 12% city-wide for size) and overall value, while the building itself is more average in age and living area for the neighborhood. This reinforces the concept of buying the land with a liveable house on it.