Property Overview: 519 Ferry Road, Winnipeg
Key Characteristics & Buyer Appeal
This one-storey home on Ferry Road in the King Edward neighbourhood is a compact, no-frills property built in 1948. With 700 square feet of living space, it is notably smaller than average for both the immediate area and the city overall. Its primary physical assets are a detached garage and a land parcel of 4,283 square feet, which is above average for the street and presents a key opportunity. The home’s assessed value is modest and sits around the average for its local context.
The appeal here is largely practical and potential-focused. It suits first-time buyers or investors seeking an affordable entry point into the Winnipeg market, with monthly costs likely to be manageable. The larger-than-standard lot is a significant asset, offering room for expansion, gardening, or future outdoor amenities. This property would also suit a minimalist buyer comfortable with a smaller footprint or someone viewing it as a long-term hold with renovation or redevelopment potential. It’s not a turn-key home for a growing family, but a straightforward canvas for a pragmatic buyer.
Frequently Asked Questions
1. Is this a "fixer-upper"?
While the listing doesn’t detail condition, the home's age (1948) and below-average living area suggest it likely requires updates. Buyers should budget for modernizing essentials like wiring, plumbing, or insulation.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home's smaller size, age, and the local market conditions of the King Edward neighbourhood. It is assessed in line with similar properties on the same street, indicating the valuation is accurate for its specific context.
3. What can be done with the larger lot?
The lot size is a standout feature. It provides valuable outdoor space and future options, such as adding a deck, creating a generous garden, or even exploring the possibility of a lateral addition (subject to zoning and permit approvals).
4. How does the sold price history from 2020 relate to today’s value?
The 2020 sale in the $15.5k–$18.5k range provides a historical benchmark, but market conditions have shifted since then. Current value is better gauged by recent comparable sales and the assessed value, which has risen to $21,800.
5. What are the immediate next-door properties like?
The listing shows several adjacent homes on Ferry Road, suggesting a well-established streetscape. Reviewing these nearby properties can give a sense of the neighbourhood's character and maintenance standards.