Property Overview & Appeal
This 1930s one-storey home on a large 8,234 sqft lot in Elmhurst presents a distinct opportunity. Its key characteristic is the generous, mature lot, which ranks in the top 10% for size across Winnipeg, offering exceptional outdoor space and potential. The home itself is modest at 1,031 sqft with an unfinished basement, positioning it as a solid, unrenovated canvas. Its appeal lies in this combination of a premium-sized lot in an established neighborhood with a house that is priced accessibly for its location, largely due to its age and need for updates. It last sold in 2022 for $361,000, above its current assessed value.
This property would best suit a value-driven buyer looking for land first and foremost—whether for gardening, expansion, or long-term redevelopment—who is comfortable with a home that requires modernization. It’s also a pragmatic entry point into the Elmhurst area for those willing to invest sweat equity over time. A less obvious perspective is that homes of this era, while needing work, often feature solid construction and charming original details that can be preserved. However, buyers should be prepared for the systems and maintenance needs of a nearly 100-year-old home.
Frequently Asked Questions
1. What does the ranking data actually tell me?
The rankings compare this property to others on its street, in Elmhurst, and across Winnipeg. They show its greatest strength is lot size (top 10% in the city), while its age and current assessed value are more typical or below average for the area, clearly indicating where its value lies.
2. Is the unfinished basement a drawback or an opportunity?
It depends on your plans. It’s a drawback for those needing immediate finished living space. However, it represents a clear opportunity to add value and customize the additional square footage to your needs, without needing to undo previous renovations.
3. Why did it sell for $361,000 in 2022, but is assessed lower now?
Municipal assessments for tax purposes often lag behind market sale prices and can be influenced by broader formulas. The 2022 sale price is a concrete data point reflecting what a buyer recently paid, which may be a more current indicator of its market value than the assessment.
4. What should I prioritize in a home inspection for a house built in 1930?
Beyond standard checks, focus on the age and condition of foundational elements: the roof, plumbing, electrical wiring (knob-and-tube may be present), insulation, and the heating system. The structural integrity and moisture management in the basement are also high priorities.
5. How does the large lot impact costs and potential?
It increases outdoor maintenance but also offers significant potential. Future possibilities like an addition, a garage, or a garden suite (subject to zoning) are enhanced. Consider that property taxes and insurance may be influenced by the lot size and replacement value of any future improvements.