Property Overview: 485 River Road, Winnipeg
Section 1: Key Characteristics & Appeal
This is a property defined by a compelling contrast. The home itself is a modest, 960 sqft bungalow built in 1947, with a below-average living area and assessed value compared to its immediate street and neighborhood. This suggests a home that may require updating or is valued for its potential rather than its current finish.
The primary appeal lies in its exceptional lot. At over 11,300 sqft, the land area is well above average for the street and ranks in the top 4% city-wide. This creates a rare opportunity in Winnipeg: a very large, private yard in an established area. The appeal is for a specific buyer: someone who values outdoor space, privacy, and garden potential over a large or modern interior. It suits a hands-on buyer looking for a character home to renovate, an investor seeing land value, or anyone seeking an affordable entry into the neighborhood with room to grow outdoors or potentially expand. The most recent sale (2022) fell in the $350k-$400k range, positioning it as a value-conscious option for the area.
Section 2: Frequently Asked Questions
1. Is the house in move-in condition?
Given its age (1947) and below-average assessed value for the street, it is likely a candidate for some updates or renovations. Buyers should budget for a thorough inspection and potential modernization.
2. What makes the lot so valuable?
A land parcel of this size (over a quarter-acre) is increasingly rare within the city. It offers exceptional privacy, space for gardens, recreation, or future additions, which is a premium feature that newer subdivisions often cannot match.
3. How does the assessed value compare to the recent sale price?
The assessed value is significantly lower than the 2022 sale price range. This is not uncommon, as assessed values for tax purposes can lag behind market values, especially after a recent sale or in areas with rapidly changing property values.
4. Who would this property not suit?
It would not suit buyers seeking a modern, low-maintenance, or spacious interior without renovation work. Those prioritizing square footage and updated finishes over land size may find better value elsewhere.
5. What is the long-term potential here?
The potential is anchored in the land. While the existing home provides shelter, the significant lot size offers future possibilities, whether for extensive landscaping, adding to the structure, or simply holding as a scarce asset in the neighborhood. Its value is likely to be more resilient due to this underlying land equity.