Property Overview
503 Ferry Road is a one-and-a-half storey home built in 1948, situated on a generous 4,287 sqft lot in Winnipeg's King Edward neighbourhood. With 830 sqft of living space and an unrenovated basement, it presents as a straightforward, no-frills property. Its assessed value of $220k is notably below the Winnipeg city-wide average, reflecting its modest size and condition.
The primary appeal lies in its value proposition and land size. For its assessed value, it offers a larger-than-average lot for both its immediate street and the King Edward area, providing good outdoor space potential. It last sold in 2021 in the $225k-$255k range, suggesting it has been an accessible entry point into the market. This home would suit a first-time buyer comfortable with a project, an investor looking for a rental property with land value, or someone seeking a modest footprint with room for gardens or expansion. Its average rankings within the local context indicate it's a typical home for the area, not an outlier, which can mean predictable costs and fewer surprises.
Key Considerations & FAQs
1. What is the true condition of the basement?
The listing explicitly notes the basement is "not renovated." Buyers should budget for potential moisture issues, foundational updates, or finishing work, and are advised to invest in a thorough inspection.
2. How does the value compare to recent sales?
The home sold between $225,000 and $255,000 in August 2021. Its current $220k assessment suggests stable or slightly softened value in the local context, but a professional appraisal would be needed to determine its present market price.
3. What are the implications of the larger lot?
The 4,287 sqft lot is above average for the street. This is a key asset, offering more private outdoor space than neighbours and potential for additions, a garage, or landscaping, which adds long-term value.
4. Who might this property not suit?
It's likely not ideal for those seeking a move-in-ready home or modern open-concept living. The smaller, segmented living area (830 sqft) and need for basement attention require a willingness to invest time and money.
5. Is the assessed value a reliable guide for offers?
The $220k assessment is a municipal tax valuation, not a market appraisal. Given its below-average city-wide ranking, it signals affordability, but the final price should be based on current market conditions, condition, and comparable sales.