Property Overview
This home at 88 Leahcrest Crescent presents a specific value proposition centered on its generous lot. Built in 1981, the 910 sqft bungalow is modest in size, ranking below average for living space both on its street and in the wider Mandalay West neighbourhood. Its assessed value is consistently around the average mark for its immediate area. The standout feature is the 6,885 sqft lot, which is notably larger than most comparable properties on the street, in the neighbourhood, and across Winnipeg. Recent sale history indicates strong appreciation, with the 2024 sale price range significantly higher than its 2019 sale.
Key Characteristics & Appeal
The primary appeal of this property lies in its land. The lot size is in the top 20% when compared to nearby homes, offering substantial outdoor space for gardening, recreation, or future expansion in a mature, established area. This makes it particularly suited to buyers who prioritize yard size over interior square footage, such as downsizers seeking private outdoor space, or handy individuals who see potential in a home where the value is anchored in the land itself. It’s a pragmatic choice for those comfortable with a cozy, efficiently sized home from the early 1980s, where investment has arguably shifted from the structure to the property it sits on. The sale history suggests it’s seen as a solid asset in a stable neighbourhood.
Frequently Asked Questions
1. Is the house too small?
At 910 sqft, the living area is below the average for Mandalay West. It would suit individuals, couples, or small families comfortable with efficient living spaces. The trade-off is the significantly larger-than-average yard.
2. What does the lot size ranking actually mean?
Ranking in the "Top 19%" for land area on its street means that out of 96 comparable properties, only 18 have a larger lot. This indicates a genuine advantage in outdoor space relative to its immediate neighbours.
3. Has the property value increased?
Based on public sale price ranges, the property sold for approximately $250k–$300k in 2019 and $350k–$400k in 2024. This indicates notable appreciation over that five-year period.
4. How does the assessed value relate to the sale price?
The assessed value is for municipal tax purposes and is often lower than market value. The recent sale price range was significantly higher than the city-wide average assessed value for comparable homes, suggesting a strong market perception.
5. What are the possible reasons for the price increase?
While specific renovations aren't listed, the increase likely reflects both general market trends and the inherent value buyers place on larger lots in established neighbourhoods, a feature that is increasingly rare.