Property Overview: 426 St Mary's Road, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home in Winnipeg's Glenwood neighborhood, built in 1943. Its primary appeal lies in a significant land-to-building ratio. The house itself is modest at 738 sq ft, placing it below average in size for the area, but it sits on a large, approximately 10,366 sq ft lot. This lot size is exceptional for Glenwood, ranking in the top 1% of the neighborhood, offering substantial outdoor space and potential. The home features a renovated basement and a detached garage.
Its assessed value is notably above average for Glenwood, suggesting the large lot is a key contributor to its municipal valuation. The property would suit a buyer looking for a starter home or downsizing option with the rare advantage of a large yard in the city. It's also a candidate for a long-term hold, where the land itself represents the core investment. A thoughtful perspective is that the below-average living space requires efficient use, but the lot offers room for expansion, gardening, or outdoor living that is uncommon in this setting.
Frequently Asked Questions
1. Why is the assessed value above average for Glenwood when the house is smaller than average?
The primary driver is the property's very large lot size, which is in the elite 1% for the neighborhood. Municipal assessments factor in land value significantly.
2. What does having a "renovated basement" typically mean for a home of this era?
While specifics would require a viewing, in a 1943 home this often indicates updated essentials like flooring, lighting, and drywall, possibly creating a more functional living or utility space. It's important to verify the scope of renovations and any updates to foundational elements like plumbing and electrical.
3. The home last sold in 2017. What might have changed since then?
Market conditions have evolved, and the owner may have made further updates not captured in the basic assessment. The exact sale price from 2017 is available upon request to provide a concrete historical benchmark.
4. How does the detached garage add value?
It provides secure storage or workshop space separate from the house, a valuable asset especially when the main living area is compact. It also preserves potential for future laneway or auxiliary building development, given the lot size.
5. Is the smaller living area a major drawback?
It depends on the buyer's needs. For some, it means lower utility costs and less maintenance. The renovated basement can offset this by providing additional usable space. The trade-off is clear: you are prioritizing a large, valuable lot over a large interior footprint.