Property Overview: 870 Haney Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a distinctive, one-storey home in Elmhurst, built in 1961, sitting on an exceptionally large lot of over 33,600 square feet. Its primary appeal lies in this rare land parcel, which places it in the top 1% of properties in both its neighborhood and all of Winnipeg for lot size. The house itself is a modest 1,255 sqft bungalow with a finished basement, offering functional living space. The property suits two main types of buyers: first, those with a long-term vision for the land itself, such as building a new custom home, creating extensive outdoor amenities, or holding it as a valuable asset. Second, it appeals to buyers seeking a solid, no-frills home in a established area who prioritize the privacy and potential that comes with such a large yard over a modern or expansive house. A less obvious perspective is the value of its "blank canvas" quality; the significant lot offers a hedge against inflation and provides options that simply don't exist with standard-sized properties, from gardening and recreation to future subdivision, subject to city approvals.
Section 2: Frequently Asked Questions
1. What is the true value here, the house or the land?
Given the home's age and modest size relative to the massive lot, the primary value driver is unequivocally the land. The 2022 sale price of $450,000, significantly above the current assessed value, likely reflects this land premium.
2. Is the large lot a maintenance burden or an opportunity?
It can be both. The yard requires considerable upkeep, which is a cost and labor factor. However, it is also the property's chief asset, offering unparalleled space for gardens, play, pets, or future projects not possible on a typical lot.
3. What type of renovations or updates does the house need?
As a 65-year-old home, buyers should budget for updates to major aging systems (roof, plumbing, electrical, windows) and interior finishes. A thorough inspection is essential to understand the condition and modernization costs.
4. Could this lot be subdivided?
This is a complex question that requires direct consultation with the City of Winnipeg's planning department. While the size is unusual, subdivision depends on current zoning bylaws, utility access, and approval processes. It is a possibility that should be investigated, not assumed.
5. Why did it sell for $450,000 in 2022, and how does that inform today's price?
The 2022 sale demonstrates what a motivated buyer was willing to pay for the land's potential at that time. Current market conditions, interest rates, and the property's unchanged condition since then will determine if the value has held, increased, or decreased. It serves as a strong recent benchmark.