Property Overview: 724 Lanark Street, Winnipeg
Key Characteristics & Appeal
This home on Lanark Street in Mathers presents a compelling mix of space, value, and established neighbourhood character. Its primary appeal lies in its significant above-average living space (1,605 sq. ft.) and an exceptionally high assessed value relative to its immediate area. In fact, its assessment ranks in the top 2% on its street and top 1% in the Mathers neighbourhood, suggesting a property that stands out in terms of perceived market value or improvements. Built in 1957, it is newer than many neighbouring homes, and it sits on a solid, slightly above-average city-wide lot of over 6,000 sq. ft.
This property would suit a buyer looking for a well-sized, established home in a mature neighbourhood, where the investment has already demonstrated strong assessed value growth. It’s ideal for someone who prioritizes interior space and lot size over a brand-new build, and who appreciates a home that compares favourably in both scale and official valuation within its community.
Frequently Asked Questions
1. Why is the assessed value so high compared to nearby homes?
The assessed value ranks in the elite tier for the street and neighbourhood. This typically reflects significant updates, expansions, or premium features not fully captured in the basic square footage and year-built metrics. It indicates the property has been substantially improved relative to its peers.
2. What does the sold price history tell us?
The home sold between $700k-$750k in 2021. This past sale price, combined with its current high assessment, provides a strong benchmark for its market performance and helps establish a value trajectory.
3. Is the lot size a major feature?
The lot is generous and above average city-wide, offering good outdoor space. However, within Mathers and on Lanark Street itself, it is more typical, so the appeal is more about the overall package than an exceptionally large yard alone.
4. How does the age of the home (1957) factor in?
Built in 1957, it is newer than many homes in Mathers, which may mean fewer concerns related to very old infrastructure. Buyers should still budget for maintenance consistent with a nearly 70-year-old home, but it’s a relatively newer property in its historic neighbourhood context.
5. Where can I see more detailed comparisons with neighbouring properties?
You can open the neighbourhood analysis page for this property to view an interactive map comparing year built, living area, assessed value, and lot size with nearby houses in detail.