Property Overview & Key Characteristics
This well-situated condo unit at 122-4314 Grant Avenue offers a practical and low-maintenance living option in a sought-after Winnipeg neighborhood. Built in 1996, the 1,260 sqft unit presents a compelling value proposition, evidenced by its recent sale price of $315,000 in February 2024, which sits above its current assessed value.
The primary appeal lies in its exceptional relative standing within the local market. The data indicates it ranks in the top tier for size and overall desirability within its immediate street and broader community, surpassing 98% and 100% of comparable listings, respectively. This suggests a property that is both spacious for a condo and in a highly preferred location. Its appeal is balanced, however, by more average rankings for its assessed value across Winnipeg, pointing to a realistic market price.
This property would ideally suit first-time buyers seeking a spacious, move-in-ready home without the upkeep of a yard, or downsizers looking to maintain square footage while shedding exterior maintenance responsibilities. It’s a strong choice for value-focused buyers who prioritize location and interior space over amenities like a private garage or basement.
Frequently Asked Questions
Q: How significant are the high ranking scores for this property?
A: They are very noteworthy, particularly the top 2% ranking on its street and top 0% in its community. This strongly indicates that, compared to direct alternatives, this unit is considered among the most desirable in the area, likely due to its combination of size, location, and building.
Q: The recent sale price is higher than the assessed value. What does this mean?
A: This is common and typically reflects strong buyer demand for this specific property. The assessed value is for municipal tax purposes and can lag behind current, competitive market conditions. The sale price is the true indicator of its market value.
Q: What are the trade-offs of a condo with no basement or garage?
A: The benefit is significantly reduced maintenance and lower costs. The trade-off is a lack of private storage for seasonal items, tools, or vehicles. Buyers should assess their storage needs and budget for a potential rented storage unit if necessary.
Q: The building is nearly 30 years old. Should I be concerned?
A: Not necessarily. A well-maintained building from this era can be very sound. The critical factor is the financial health of the condo corporation. A review of the reserve fund study, recent minutes, and condo fees is essential to understand any upcoming major repairs or special assessments.
Q: Who is this property not ideally suited for?
A: It may not suit buyers who require extensive private storage, dedicated parking, or who prefer a brand-new build with modern layouts and finishes. It’s also less ideal for investors seeking a property with a very high rental yield relative to its assessed value, given its community ranking on that metric.