Property Overview: 701 Buckingham Road, Winnipeg
Section 1: Key Characteristics & Appeal
This property is a distinctive 4-level split home built in 1965, sitting on an exceptionally large, private lot of nearly half an acre (19,033 sqft). Its primary appeal lies in the rare combination of generous indoor and outdoor space. With nearly 3,000 sqft of finished living area, it ranks in the top 1-2% of homes in Winnipeg for size, offering ample room for a large or multi-generational family. The finished basement, in-ground pool, and attached garage add to its functional, family-ready profile.
The home’s standout feature is undoubtedly the land itself. The lot size is a major differentiator, offering a level of privacy and space for gardens, recreation, or expansion that is increasingly uncommon within the city. It suits buyers who prioritize land and space over a newer build, and who have the vision to update a solid, well-sized home from the 1960s to modern standards. It’s an ideal fit for those seeking a "country-like" setting within city limits, entertainers who value a pool and expansive yard, or practical buyers who see the inherent value in a property where the land itself represents a significant portion of the asset.
A less obvious perspective is the home’s "value canvas" potential. While it requires updates, its above-average size rankings and the recent sale price below the current assessed value suggest a property where strategic renovations could align its market price more closely with its substantial footprint and lot value.
Section 2: Frequently Asked Questions
1. What are the main considerations with a 4-level split layout?
This design offers excellent separation of living spaces, which can be great for noise control and defining zones (e.g., bedrooms on one quiet level, recreation on another). The trade-off is more interior stairs, which should be considered for accessibility and daily convenience.
2. How significant is the lot size, and what does it mean for upkeep?
At over 19,000 sqft, the lot is a major asset for privacy and potential use, but it also means higher maintenance for landscaping, snow clearing, and general yard care compared to a standard city lot. It's a feature that provides great enjoyment but also requires a commitment of time or resources to maintain.
3. The home was built in 1965. What should I budget for updates?
While systems like the roof, plumbing, and electrical may have been updated over time, a home of this age typically requires a budget for modernizing kitchens, bathrooms, windows, and possibly addressing foundational or insulation standards of the era. A thorough inspection is crucial.
4. The 2023 sale price was $425,000, but the assessed value is now $478,000. Why the difference?
Assessed value is for municipal tax purposes and can lag behind market trends. The sale price reflects what a buyer was willing to pay at that time. The current assessment suggests the city sees underlying value, particularly in the land and size, but the market will ultimately determine the new sale price.
5. Who would this property not be suitable for?
It may not suit buyers seeking a low-maintenance, turn-key, or modern open-concept home without renovation work. It’s also likely less ideal for those who prefer a smaller, easily managed yard or who have significant mobility concerns due to the multi-level layout and large property.