Property Overview: 156 Egerton Road, Glenwood, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1931, situated on a notably large lot for the Glenwood neighbourhood. Its key appeal lies in its balance of a very low municipal assessed value with a generous, private outdoor space—a combination that is increasingly rare. The living area (789 sq. ft.) is modest and below local averages, but the renovated basement adds functional space. The detached garage offers flexibility.
The property’s standout feature is its land. At over 7,000 sq. ft., the lot size ranks in the top 3% for Glenwood, offering significant potential for gardening, expansion, or future redevelopment. This makes it particularly suited for a specific type of buyer: those who prioritize land value and future potential over immediate square footage. It’s a practical entry point into homeownership for a budget-conscious buyer, a long-term play for an investor eyeing the lot’s value, or a perfect fit for someone who values expansive outdoor living more than a large interior.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than typical city homes?
Municipal assessments are based on a mass appraisal system considering factors like home size, age, and local sales. The very modest living area and older age of the main structure result in a lower assessed value, which can translate to lower property taxes—a key ongoing cost saving.
2. Is the house in need of major updates?
While specific conditions aren't listed, the age of the home (1931) suggests that some systems (like plumbing or electrical) may be older. The basement is noted as renovated, but a thorough inspection would be essential to understand the condition of the main floor and structure.
3. What can I do with such a large lot?
Beyond a spacious yard, the lot size may offer future opportunities not available on standard parcels, such as adding a significant addition, building a detached workshop or studio (subject to zoning bylaws), or simply enjoying substantial green space in a mature neighbourhood.
4. How does the recent sold price compare to the assessment?
The home sold in mid-2023 for an amount close to its current assessed value. This indicates the assessment is closely aligned with its recent market value, which is not always the case, and suggests a stable, un-inflated valuation.
5. Is the neighbourhood trending?
The data shows that while this home is modest, properties in Glenwood on average have higher assessed values and are more recently built than this specific house. This indicates the surrounding area is more developed, which can be a stabilizing factor, but the home itself is an outlier in terms of size and age within its immediate context.